By InvestAdvocate

Lagos (INVESTADVOCATE)-Africa’s global bank, United Bank for Africa Plc said on Thursday it has received a letter from the Central Bank of Nigeria (CBN) notifying it of the N2.9 billion penalty.

The letter dated October 28, 2015 and signed by Bili Odum, group company secretary of UBA was addressed to the chief executive officer (CEO) of the Nigerian Stock Exchange (NSE) affirming that the bank is engaging the CBN and would keep the NSE updated with further developments

The penalty is five (5) of the Federal Government of Nigeria’s (FGN’s) Ministries, Departments and Agencies (MDA) late remittance of N58.8 billion balance as at Oct. 15, 2015 in respect of Treasury Single Account (TSA) scheme.

“Please be assured that the bank as a responsible corporate citizen continues to ensure strict adherence to all regulatory stipulations and would at all times do its utmost to meet the expectations of all its stakeholders,” UBA added.

Shares of UBA at close of business on Thursday at the Nigerian bourse dipped five (5) percent to N3.42 from N3.60 reported the past session; losing 0.18 kobo per share.