Stanbic IBTC will not be debited for $2.632bn

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The Central Bank of Nigeria (CBN) has confirmed that the banking subsidiary of Stanbic IBTC Holdings Plc will not be debited for $2.632 billion, is the portion of the remittances the Bank had made on the basis of the Certificates of Capital Importation, which the apex bank had previously suggested that the lender should also be prepared to refund.

Company Secretary, Stanbic IBTC Holdings Plc, Chidi Okezie, made the disclosure in a notice to the Nigerian Stock Exchange (NSE) yesterday.

“Further to our update of 06 September 2018 to The Nigerian Stock Exchange on the above subject matter, Stanbic IBTC Holdings Plc (a member of Standard Bank Group) has been informed by its banking subsidiary – Stanbic IBTC Bank Plc, that the Central Bank of Nigeria (CBN) has written to advise the Bank that it would examine new submissions and documentation made by the Bank, and where justified, it would 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,” he said.

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.

The Bank will continue its engagements with the CBN and provide additional evidence in relation to the issues it has raised.

The CBN recently imposed a N5.87 billion fine on Standard Chartered Bank, Stanbic-IBTC, Citibank, and Diamond Bank over alleged irregularities.

The lenders, according to the apex bank, allegedly remitted foreign exchange with irregular Certificates of Capital Importation (CCIs) to offshore investors of MTN Nigeria Communications Ltd.

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