Hours after Standard Chartered Bank has refuted the claim, stating that it is not owned by a South African company.Adams Oshiomhole listed Standard Chartered Bank as one of the South African companies operating in Nigeria,

The lender in a statement sent to Nairametrics admitted that it’s a foreign owned organisation, but its parent company is a British group and not Southern African based. The company has it headquarter in London, United Kingdom.

What happened: Oshiomole, the National Chairman of Nigeria’s ruling party, All Progressive Congress (APC) called for the Nationalisation of South African Companies in Nigeria. He made this remark at a party event in the wake of the Xenophobic attack on Nigerians and other Africans in South Africa.

He called for the boycott of MTN Nigeria, Shoprite, and other South African companies, urging the government to nationalise them including Stanbic IBTC and Standard Chartered Bank which he referred as a South African company.

[READ ALSO: Shoprite optimistic amid worst first-half performance]

According to Standard Chartered, Oshiomhole’s statement is a misrepresentation of their identity. Standard Chartered has been in operation for over 150 years, and has its shares listed in London, Hong Kong and Mumbai (India), but earns more than 90 per cent of its income and profits in Asia, Africa and the Middle East.

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In the statement, Standard Chartered said, “Standard Chartered Bank Nigeria Limited is fully owned by Standard Chartered Plc, a British group. Standard Chartered PLC is a leading international bank, listed on the London, Hong Kong and Mumbai stock exchanges. It has operated for over 150 years in some of the world’s most dynamic markets and earns more than 90 per cent of its income and profits in Asia, Africa and the Middle East.”

Why the confusion? Standard Chartered Bank was formed by the merger of two banks; the Standard Bank which was founded in Cape province of South Africa in 1862 and the Chartered Bank of India, Australia and China, which was founded by a Scottish, James Wilson, in 1853.

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The merger formed Standard Chartered Bank. The company now has about 87,000 staff across the world, representing 130 nationalities. It has no branches in UK, but its headquarters are in London.

[READ ALSO: The deal that helped Lafarge stock gain 18% in less than a week.]

2 COMMENTS

  1. What is all this conversation about?

    Do we have the facts at all?

    Did you know that IBTC was set up by a 33 year old in 1989?

    Today Stanbic IBITC employs over 4000 staff.

    This company has over 90% Nigerians on her board

    100% Nigerians on her subsidiary boards.

    Equal opportunity employer..

  2. I wonder what this conversation is all about, as it’s obvious the facts are not being gotten right at all.
    For the records;

    IBTC was set up by a 33 year old in 1989.

    Today Stanbic IBTC employs over 4000 staff, with over 90% Nigerians on her board!
    100% Nigerians on her subsidiary boards.

    It is not a cliche to say that Stanbic is an equal opportunity employer..it is the fact.

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