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the Max Yield Savings Account

Stanbic Ibtc Holdings Plc responds to reports of a CBN Fine 

Onome Ohwovoriole by Onome Ohwovoriole
5 years ago
in Business News, Company News
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Stanbic Ibtc Holdings Plc (parent company of Stanbic Ibtc bank) has released a press statement in response to reports that the Central Bank of Nigeria (CBN) has fined the bank for an illegal certificate of capital importation issued to MTN.

Here is the statement.

Stanbic IBTC Holdings PLC (a member of Standard Bank Group) has been informed by its banking subsidiary – Stanbic IBTC Bank PLC (the “Bank”) that penalties have been imposed on the Bank by the Central Bank of Nigeria (CBN) pursuant to a review of transactions relating to the remittance of foreign exchange on the basis of certain “irregular” capital importation certificates issued to MTN Nigeria Communications Limited.

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

STANBIC IBTC HOLDINGS STATEMENT WITH REGARDS TO CBN FINE

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


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Tags: Central Bank of Nigeria CBNMTNStanbic IBTC Holdings Plc
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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