Business
REGULATORY FINE: CBN debits Stanbic IBTC for N1.886bn
The Central Bank of Nigeria (CBN) has debited the account of Stanbic IBTC Bank, the banking subsidiary of the Stanbic IBTC Group, for N1.886 billion regulatory fine it imposed on the bank.
The bank disclosed this on Thursday in a statement published on the website of the Nigerian Stock Exchange (NSE).
The CBN had, last week, imposed sanctions totaling N5.87 billion on four banks for allegedly issuing irregular certificates of capital importation (CCIs) issued on behalf of some offshore investors of MTN Nigeria Communications Limited.
The affected banks, Standard Chartered Bank, Stanbic IBTC, Citibank, and Diamond Bank, were slammed a fine of N2.4 billion, N1.886 billion, N1.2 billion and N250 million, respectively by the apex bank for violating extant rules.
Read also: Nigerian govt slams another $2bn sanction on MTN
According to the statement, the bank maintained it had not done anything illegal that could warrant such sanction.
“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 read.
RipplesNigeria… without borders, without fears
Click here to join the Ripples Nigeria WhatsApp group for latest updates.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.