Post Views: 532 The management of Stanbic IBTC Holdings Plc, on Monday told traders and stockbrokers through the Nigerian Stock Exchange (NSE) of the ...
The management of Stanbic IBTC Holdings Plc, on Monday told traders and stockbrokers through the Nigerian Stock Exchange (NSE) of the assurance by the Central Bank of Nigeria (CBN) that its banking subsidiary will not be debited for $2.632bn, even as it reviews the entire issue.
This represents the portion of remittances made on the basis of the “Certificates of Capital Importation, which the apex bank had previously suggested that the lender should also be prepared to refund.”
Stanbic IBTC Bank is one of the four fined a total of N5.87bn by the CBN over what it called “forged” CCI’s with which telecommunications giant- MTN Nigeria Communications repatriated $8.134bn to offshore its investors(READ). The other banks are: Standard Chartered Bank, Citibank and Diamond Bank. Standard Chartered Bank was fined and has since been debited to the tune of N2.47bn, Stanbic IBTC, N1.88bn (READ); Citibank Nigeria, N1.26bn; while Diamond Bank was slammed and debited N250m.
In a statement by Chidi Okezie, Company Secretary, titled “Re: Regulatory Fine By the Central Bank of Nigeria, dated September 24, 2018, Stanbic IBTC Holdings said it had been informed by its banking subsidiary – Stanbic IBTC Bank Plc, that the CBN commitment “that it would examine new submissions and documentations made by the bank, and where justified, it would review its earlier decision on the penalty it imposed on the bank.”
The bank, the statement continued, still insists on its innocence and “that it had acted properly in an agency capacity, stressing the bank’s desire to continue engaging with the regulator, providing additional evidences on the issues raised.
The CBN had also insisted that the fines followed a 30-month investigation, which proved that MTN Nigeria and the four banks were guilty of the crime, following which the gains there-from must be disgorged.