CBN Debits the Account of Stanbic IBTC Bank In Respect of N1.886bn Regulatory Fine


Thursday, September 6, 2018/02:32 PM/NSE 

Following our earlier announcement to The Nigerian Stock Exchange (“NSE”) on 30 August 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 (the “Bank”) 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. 

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.


Proshare Nigeria Pvt. Ltd.

Related News

1.     One Week After CBN Fines –MTN Share Price Drops by 31.06%; DIAMONDBNK and STANBIC Also Drop

2.    Banks, MTN Engage CBN Over $8.1b Fine; Factually Incorrect Premises Highlighted

3.    MTN Says Nigeria Is Seeking to Recover $2 Billion in Back Taxes

4.    MTN Ghana Successfully Completes Its Initial Public Offer

5.    The Day After CBN Fines – DIAMONDBNK, STANBIC and MTN Share Prices Drop

6.    MTN Replies Nigeria’s CBN – You Approved The Funds Repatriated

7.    CBN Clamps Down on Four Banks; Writes MTN to Refund $8bn

8.    CBN Clamps Down on Four Banks; Writes MTN to Refund $8bn

9.    STANBIC Q2 2018 Results - Another Earnings Beat Sees a Rating Revision to “HOLD”

10.  STANBIC Declares N43.08bn PAT in Q2 2018 Results,(SP:N50.00k)

11.   STANBIC Announces the Resignation of Mr Ratan Mahtani as a Non-Executive Director

12.   Stanbic IBTC Holdings Plc Releases Notice on Q2 2018 Financial statements

13.   Stanbic IBTC Holdings Plc Announces its Closed Period

14.   ALERT: STANBIC Trades 70.97% of Total Market Volume Yesterday

15.   Stanbic IBTC Holdings Notifies On a Significant Share Acquisition

16.   Stanbic IBTC Holdings - No Change In View Given Underlying Q1 2018 Results

17.   Stanbic IBTC Directors Recommend 50 Kobo Dividend for Approval at the 6th AGM

18.   STANBIC Reports Q1 2018 Results – Operating Expenses Up by 47%

19.   STANBIC Releases Q1''18 Results; Declares N23.07bn PAT in Q1,(SP:N49.00k)

20.   Stanbic IBTC Holdings Q4 2017 Results Review -Strong Balance Sheet Growth to Support Future Earnings

21.   Stanbic IBTC Holdings Q4 2017 Results Review: Downgrading to Underperform

22.   Stanbic IBTC Holdings Plc 2017FY Conference Call and Earnings Presentation - The Key Takeaways

23.   STANBIC Reports Q4 2017 Results – Proposed Final Dividend of 50k Below Expectation


Related News