CBN to sanction banks over non-remittance of content fund

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The Central Bank of Nigeria (CBN), has vowed to sanction banks over the non-remittance of Nigerian Content Development Fund (NCDF) in their custody, The Sun reports.

CBN Governor, Mr. Godwin Emefiele, gave the warning at a Stakeholders Forum on NCDF Remittances organised by the Nigerian Content Development and Monitoring Board (NCDMB) held in Lagos recently.

Emefiele, who was represented by CBN Deputy Director, Banking and Payment System Department, Jack Ukitetu, warned banks to desist from such act, saying the introduction of the Treasury Single Account (TSA) by the Federal Government forbids Ministries, Departments and Agencies (MDAs) from operating accounts with commercial banks.