Stanbic Ibtc Holdings Plc reacts to reports of a CBN Fine

Stanbic Ibtc Holdings Plc (parent company of Stanbic Ibtc bank) has published a press statement in response to reports that the Central Bank of Nigeria has fined the bank for an illegal certificate of capital importation issued to MTN.

Here is the statement.

Its banking subsidiary has notified Stanbic IBTC Holdings PLC (is a member of Standard Bank Group) – Stanbic IBTC Bank PLC (the “Bank”), that sentences have been imposed on the Bank by the Central Bank of Nigeria (CBN) following to a review of transactions linking to the payment of foreign exchange based of certain “irregular” capital importation certificates issued to MTN Nigeria Communications Limited.

The Bank is holding further engagements with the CBN, about the concerns it has raised. Please be assured that the above does not impact on your ability to continue to conduct your numerous business and corporate transactions with Stanbic IBTC Holdings or any of its subsidiaries, including the Bank.

Stanbic Ibtc closed at N48.50 on yesterday trading session on the Nigerian Stock Exchange (NSE), down 2.02%


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