Zenith bank records 100% compliance to regulatory policies

The headquarters of Nigeria's Zenith bank is seen in the Victoria Island district of Lagos July 29, 2016. REUTERS/Akintunde Akinleye

Zenith bank records 100% compliance to regulatory policies – Zenith Bank recorded no punishable infraction in its operations throughout the 2017 financial year, an analysis of the bank’s financial statement for the year ending December 2017 has shown.

This disclosure is contained in the bank’s financial returns submitted to the Nigerian Stock Exchange, NSE.

The bank, according to details of its compliance with banking regulations, noted that during the year, there were no contraventions of the regulation of the Banks and Other Financial Institutions Act, 1991.

It added that there were no events after the reporting period requiring special disclosure.

“No significant event that requires special disclosure occured between the reporting date and the date when the financial statements were issued,” the bank said.

Recall that Access Bank and Guaranty Trust Bank (GTB) paid a combined fee of over N96 million in 2017 for contravening various regulations put in place by the Central Bank of Nigeria (CBN).

This newspaper also reported earlier that the United Bank for Africa, UBA, also paid over N75 million on sanctions to various regulatory bodies in the banking sector in the same financial year.

But Zenith, in its report said that as at December 2017, the group is involved in 138 litigations, estimated at N48.6 billion.

“Group is presently involved in 138 litigation suits in the ordinary course of business. The total amount claimed in the cases against the Group is estimated at N48.63 billion,” it said.

The bank however noted that the actions “are being contested” and the directors are of the opinion that none of the aforementioned cases is likely to have “a material adverse effect on the Group”.

Aside the aforementioned litigations, the bank also said it was not aware of any other “pending or threatened claims and litigations”.