Home Business CBN fine: No qualms, Stanbic IBTC assures customers

CBN fine: No qualms, Stanbic IBTC assures customers

Yinka Sanni, CEO, Stanbic IBTC
Yinka Sanni, CEO, Stanbic IBTC

In response to the Central Bank of Nigeria (CBN) fine, Stanbic IBTC Holdings PLC has informed its customers and other stakeholders that the penalty would not in any way affect its operations and that of its subsidiaries.

The apex bank on Wednesday penalized Standard Chartered Bank N2.4 billion, Stanbic IBTC N1.8 billion, Citibank N1.2 billion and Diamond Bank N0.25 billion for contravening the country’s forex regulations on MTN’s illegal capital repatriation. The four lenders are to refund $8.134 billion, the regulator disclosed through its acting Director, Corporate Communications Department, Isaac Okorafor.

Stanbic IBTC Holdings PLC explained in a released signed by its Company Secretary, Chidi Okezie that it was currently holding talks with the CBN to resolve the issue.

“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,” he assured.