Stanbic IBTC Pays N1.88b Fine to CBN, Maintains Innocence

By Modupe Gbadeyanka

The board of Stanbic IBTC Bank Plc has confirmed the payment of N1.886 billion fine to the Central Bank of Nigeria (CBN).

Some days ago, the apex bank slapped a fine of N5.9 billion on Stanbic IBTC Bank and three others; Diamond Bank, Citibank Nigeria and Standard Chartered Bank over their alleged role in the illegal repatriation of funds to South Africa by MTN Nigeria.

In a statement to the Nigerian Stock Exchange (NSE) on Thursday, Stanbic IBTC Bank said the apex bank has deducted the N1.886 billion fine from its account.

“Following our earlier announcement to the Nigerian Stock Exchange (NSE) on August 30, 2018, in respect of the penalty of N1.886 billion imposed by the Central Bank of Nigeria (CBN) on our banking subsidiary, Stanbic IBTC Bank PLC, in relation to the remittance of foreign exchange on the basis of certain capital importation certificates issued to MTN Nigeria Communications Limited, we write to update the NSE that the CBN has debited the account of our banking subsidiary with the CBN for the full amount of the above stated fine advised to the bank,” the statement said.

However, the lender maintained that it never operated against the laws of the land, emphasising that it would continue to cooperate with the apex bank on the matter.

“Stanbic IBTC Holdings PLC as well as our banking subsidiary maintain our position on this matter, which is the fact that the bank has done nothing illegal and accordingly the bank will continue to provide CBN with documents and details in support of our contention that our actions in relation to these transactions were not illegal,” the statement said.

“Please note that this debit does not impact on the capacity of our banking subsidiary to handle clients’ requests or clients’ ability to continue to carry out viable business transactions with either the bank or any member of the Stanbic IBTC Group, whether in relation to the importation of capital or otherwise.

“Our business transactions will continue to be handled professionally and in a manner that is aligned with Nigeria’s laws and regulatory guidelines,” the lender stated.