Central Bank of Nigeria investigation regarding client remittances by Stanbic IBTC Bank PLC relating to MTN Nigeria Communications Limited


JOHANNESBURG, 30 August 2018

Stanbic IBTC Bank PLC acknowledges receipt of a letter on 29 August from the Central Bank of Nigeria informing it of its decision in relation to the above matter. The CBN has advised Stanbic IBTC Bank (the Bank) that it will be subject to a penalty of NGN 1.885 billion (approximately ZAR 75 million / USD 5.2 million) for violations of the laws and regulations of Nigeria pertaining to foreign exchange transactions in that country.

The CBN has further advised the Bank in this letter that it requires that a sum of approximately USD 2.632 billion, being funds repatriated by Stanbic IBTC Bank on clients’ behalf, should be refunded to the CBN, on the grounds that the relevant capital importation certificates (CCI’s) were “illegally issued”. Stanbic IBTC Bank was not a beneficiary of any of the remittances made on behalf of clients, denies any imputation of malfeasance and acted legally in the issuance of the CCI’s used for the repatriation of client funds.

Stanbic IBTC evaluates its processes on an ongoing basis to ensure they are robust and secure, while adhering to the regulatory requirements of all the countries where it operates. The Bank intends to engage with the Central Bank of Nigeria in relation to the issues it has raised.

We assure our clients that this does not impact on Stanbic IBTC’s ability to conduct various business and corporate transactions.



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