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REGULATORY FINE: CBN debits Stanbic IBTC for N1.886bn



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.


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