CBN To Review Our $2.63bn Penalty – Stanbic IBTC

The Central Bank of Nigeria (CBN) says it will review its decision on the $2.632bn regulatory fine it imposed on Stanbic IBTC Bank Plc on the basis of the Certificates of Capital Importation to MTN Nigeria Communications Limited.

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In a statement to the Nigerian Stock Exchange on Monday, Stanbic IBTC Holdings Plc said the CBN confirmed that its banking subsidiary would not be debited for the $2.632bn, being the portion of the remittances the bank had made on the basis of the CCI.

Stanbic IBTC Holdings Plc noted that the central bank had previously suggested that the bank should be prepared to refund the amount.

The statement, which was signed by the Company Secretary, Stanbic IBTC Holdings, Chidi Okezie, read in part, “Further to our update to the Nigerian Stock Exchange on September 6, 2018 on the above subject matter, Stanbic IBTC Holdings Plc has been informed by its banking subsidiary – Stanbic IBTC Bank Plc ―  that the Central Bank of Nigeria has written to advise the bank that it will examine new submissions and documentations made by the bank, and where justified, it will review its earlier decision on the penalty it imposed on the bank.

“The bank had communicated that it believed that it had acted properly in an agency capacity. The bank will continue its engagements with the CBN and provide additional evidence in relation to the issues it has raised,” it added.