The Central Bank of Nigeria (CBN) has deducted the sum of N1.886 billion from the accounts of Stanbic IBTC to cover for the fine it imposed on the bank as penalty for alleged involvement in the repatriation of funds for MTN Nigeria.
Newspeakonline recalls that the apex bank recently slammed a total of N5.65billion fine on four banks in Nigeria for breaching the country’s forex regulations on the illegal capital repatriation of funds for MTN.
The banks and the fines imposed on them are as follows:
Standard Chartered – N2.4bn
Stanbic IBTC – N1.8bn
Citibank – N1.2bn
Diamond Bank – N0.25bn
Apart from the fines, the CBN added that all the banks are also refund a total of $8.134bn for breach.
Stanbic, in a press release on Thursday, insisted that it had done nothing illegal in its operations to warrant a fine. It however added that it will continue to prove its case.
The bank stated further that the deduction will not affect its capacity to continue with its normal operations.
See the press release below: