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HomeBusiness NewsNigeria's central bank to reverse fines on Stanbic IBTC, others -Parent firm

Nigeria’s central bank to reverse fines on Stanbic IBTC, others -Parent firm

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The Central Bank of Nigeria (CBN) may review a decision to penalise Stanbic IBTC on an allegation that the lender help MTN Nigeria illegally transfer foreign exchange outside the country, South Africa’s Standard Bank, the parent company of the local unit said on Tuesday.

Godwin Emefiele 1
Stanbic IBTC Bank is one of four banks that the CBN slammed 5.65 billion naira fine on last month after investigations revealed that they helped MTN illegally repatriate $8.1 billion abroad.
The regulatory bank fined Stanbic 1.8 billion naira for its role in sending the money abroad. The CBN also fined Standard Chartered 2.4 billion naira, Citibank 1.2 billion naira and Diamond Bank 250 million naira.
“The CBN has written to advise the Bank that it will examine new submissions and documentation made by the Bank, and where justified, it will review its earlier decision on the penalty it imposed on the Bank,” Standard Bank said on Tuesday.
The possible review comes a few days after the central bank said additional information from MTN may lead to an “equitable resolution,” helping shares in the South African wireless phone operator rebound.
By 0738 GMT, MTN stock was up 1.6 percent to 81.50 rand.
Standard Bank also said the CBN would not be debiting Stanbic for $2.6 billion, which the CBN said was the bank’s portion of MTN’s $8.1 billion funds which had been sent abroad.

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