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Stanbic IBTC Holds Talks with CBN Over Fine

By Dipo Olowookere

The management of Stanbic IBTC has reacted to the N1.88 billion fine imposed on it by the Central Bank of Nigeria (CBN) on Wednesday for its part in the illegal repatriation of about $14 billion from Nigeria to South Africa by MTN Nigeria Communications Limited.

In a statement to the Nigerian Stock Exchange (NSE) on Thursday, the lender disclosed that it was holding further engagements with the apex bank to resolve the issues.

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In the statement, Stanbic IBTC said the development will not affect how it conducts its businesses as a law abiding corporate organisation.

“Stanbic IBTC Holdings PLC (a member of Standard Bank Group) has been informed by its banking subsidiary, Stanbic IBTC Bank PLC that penalties have been imposed on the bank by the Central Bank of Nigeria (CBN) pursuant to a review of transactions relating to the remittance of foreign exchange on the basis of certain ‘irregular’ capital importation certificates issued to MTN Nigeria Communications Limited.

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“The bank is holding further engagements with the CBN, in relation to the issues it has raised.

“Please be assured that the above does not impact on your ability to continue to conduct your various business and corporate transactions with Stanbic IBTC Holdings or any of its subsidiaries, including the bank,” the statement said.

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Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

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