CBN might finally reconsider fine slammed on Stanbic IBTC Bank Plc

Embattled Stanbic IBTC Bank Plc might finally get some relief because the Central Bank of Nigeria (CBN) has hinted at its willingness to review and possibly revoke the regulatory fine of ₦1.8 billion earlier imposed on the entity. This latest development is contained in a statement issued yesterday, September 24th, to the Nigerian Stock Exchange, NSE.

According to the statement, the CBN  wrote to inform Stanbic IBTC Bank that it will examine the petition and documents that have so far been submitted by the commercial bank. If the apex bank is satisfied with its findings, it “would review its earlier decision on the penalty it imposed on the Bank”.

In the meantime, the bank will not be debited the sum of $2.63 billion, which is a portion of the remittances it was alleged to have illegally made on behalf of MTN Nigeria to South Africa through the use of irregular Certificates of Capital Importation (CCIs).

Apparently, the CBN had earlier wanted the bank to refund the money, asides the fine of ₦1.8 billion which had earlier been imposed on it back in August.

“The CBN has confirmed that our banking subsidiary WILL NOT be debited for USD2.632
billion, being the portion of the remittances the Bank had made on the basis of the Certificates of Capital Importation, which the CBN had previously suggested that the Bank should also be prepared to refund.” – Stanbic IBTC

The statement went further to say that Stanbic IBTC Bank Plc will continue to work with the CBN towards ensuring that the matter is amicably resolved.

As we reported, Stanbic IBTC Bank Plc is among the four banks that were fined the total sum of ₦5.86 billion for breaching Nigeria’s extant laws and forex rules when they facilitated illegal repatriation of funds to South Africa on behalf of MTN.

The other banks are Standard Chartered Bank, Citibank, and Diamond Bank Plc who paid ₦2.4 billion, ₦1.2 billion and ₦250 million respectively.

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Author: see naija

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