Standard Bank Says CBN May Review Fine on Stanbic

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Nume Ekeghe with agency report

Standard Bank has expressed optimism that the Central Bank of Nigeria (CBN) may review its recent decision to penalise its Nigerian unit, Stanbic IBTC Bank, for allegedly breaking the law in helping MTN Nigeria to illegally repatriate capital.

Stanbic IBTC Bank was one of four banks that the central bank fined N5.87 billion.

“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,” Reuters quoted Standard Bank to have 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.

Stanbic was fined N1.8 billion for its role in sending the money abroad. The CBN had also fined Standard Chartered N2.4 billion Citi N1.2 billion and Diamond Bank N250 million.

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