Nigeria, July 16 -- Unity Bank Plc was fined N7 million by the Central Bank of Nigeria and the Security and Exchange Commission in 2018, according to details of the bank's annual report.

The bank's annual report reviewed by PREMIUM TIMES showed that the bank was fined for sundry reasons within the year ended December 2018.

A breakdown of the report showed that it was fined N5 million as penalty for reporting deficiencies in the 2015/2016

annual report.

Similarly, as sanction in respect of excess charges and interest on customer, the bank was fined N2 million.

The 2018 sanction was lower when compared to the sanction the bank faced from regulators in the 2017 financial year.

In 2017, the bank was fined a total of N18.5 million for su...