Stanbic IBTC addresses N1.886bn Regulatory Fine by CBN

The Central Bank of Nigeria recently imposed a penalty of N1.886 billion on Stanbic IBTC Bank in relation to the remittance of foreign exchange on the basis of certain capital importation certificates issued to MTN Nigeria Communications Limited.

The bank, in a statement signed by the Company Secretary Chidi Okezie, has explained its position on the matter, saying it has done no wrong to warrant the action by the CBN.

The statement read: “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.

“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.

“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.”