First City Monument Bank (FCMB) is in hot soup. The bank founded by Otunba Subomi Balogun and managed by his son, Ladi Balogun has incurred the wrath of the Central Bank of Nigeria of flouting the order of President Buhari.
The bank refused to remit the sum of 125 million dollars belonging to NNPC to the Treasury Single Account at the Central Bank of Nigeria (CBN) as directed by President Muhammadu Buhari since September last year.
Consequently, the CBN has barred FCMB from the nation’s foreign exchange market. We gathered that the bank is still going to face further penalty for disobeying the president’s order after transferring the money to the CBN.