United Bank for Africa (UBA) has been fined a total of N149.65 million by the Central Bank of Nigeria (CBN) for multiple regulatory infractions, according to the bank’s audited financial statements for 2024 released on Monday, March 24.
An analysis of the report revealed that UBA was penalised for several breaches, including inadequate customer documentation, delayed reporting, and improper foreign exchange transactions.
The largest fine, amounting to N122 million, was imposed for the bank’s failure to maintain proper documentation and up-to-date information for customer accounts and transactions.
Additionally, UBA was fined N16 million over consumer complaints that were resolved by the Consumer Protection Department.
UBA has faced previous regulatory actions from the CBN. The International Centre for Investigative Reporting (ICIR) earlier reported that UBA was among nine banks fined for failing to make enough naira notes available through ATMs during the last Christmas period.
In that instance, the CBN imposed a N150 million fine on UBA as part of a broader N1.35 billion penalty levied against the nine banks for cash hoarding. The CBN stated that the fine followed repeated warnings to ensure cash availability, particularly during high-demand periods.
UBA’s financial statements also revealed that the bank lost N1.14 billion to fraudsters in 2024, reflecting a 23% increase compared to the previous year.
The fraudulent activities, valued at a total of N4.904 billion, were carried out across 29,359 incidents. Electronic fraud was the most prevalent, accounting for 29,322 cases. Other cases involved fraudulent transfers and withdrawals, cash theft, and unauthorised postings.
UBA’s rising losses to fraud underscore ongoing challenges within the Nigerian banking sector, highlighting the need for tighter internal controls and enhanced security measures.
