Jaiz Bank’s regulatory penalties surge to N530.9 million in 2025

Jaiz Bank Plc incurred N530.9 million in regulatory penalties in 2025, a dramatic increase from the N45 million paid in 2024, according to its annual report. The sanctions, imposed by the Central Bank of Nigeria (CBN) and the Nigerian Exchange Group (NGX), stemmed from breaches related to anti-money laundering, customer due diligence, and filing requirements.

The largest penalties in 2025 included two separate fines of N131 million each for violating the CBN’s Customer Due Diligence Regulations. The bank also faced total penalties of N156 million for breaches of the CBN’s AML/CFT/CPF Regulations 2022 and N262 million for contraventions of the Customer Due Diligence Regulations 2023. Further fines of N75 million were levied for violations of the Targeted Financial Sanctions Guidelines 2022, and an additional N22 million resulted from breaches of Sections 50 and 19 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

The Nigerian Exchange Group also imposed penalties totaling N15.9 million on Jaiz Bank for late filing obligations. In contrast, the N45 million in penalties paid in 2024 were for breaches of foreign exchange regulations, corporate governance, electronic payment guidelines, and BOFIA 2020 provisions. The largest single penalty in 2024 was N20 million for a contravention of Section 29(5) of BOFIA 2020.