Categories: BusinessOn the Go

‘We didn’t commit any offence’ — Standard Chartered reacts to CBN fine


Standard Chartered Bank Nigeria Limited has denied committing any offence which could attract sanction from the Central Bank of Nigeria (CBN).

Standard Chartered is among the four commercial banks that the apex bank fined for alleged breaches of foreign exchange regulations in connection with foreign currency remittances.

The CBN had alleged improper dividend repatriations by MTN Nigeria and requested that $8.1 billion be returned to the coffers of the banking regulator.

Of the N5.8 billion fine, Standard Chartered Bank got N2.4 billion, the highest fine.

But the bank said it did not enter into any illegal deal with MTN Nigeria.

“These transactions, some of which date back to 2001, were in respect of foreign currency remittances backed by Certificates of Capital Importation (CCIs) issued in favour of our client, MTN Nigeria Communications Limited,” the bank said in a statement.

“The bank has sent a detailed and comprehensive response to the CBN on the purported infractions and has refuted all allegations of any wrongdoing.

“As in all countries where the Bank operates, Standard Chartered Bank Nigeria Limited remains committed to ensuring that all its processes and procedures adhere to the highest levels of corporate governance, controls and compliance with applicable laws of the jurisdiction.”

The statement quoted Dayo Aderugbo, head, corporate affairs, brand and marketing, as saying: ”I would like to reiterate to our stakeholders that in Nigeria, as in all countries where Standard Chartered operates, we conduct, and remain committed to carrying on our business in compliance with all relevant laws and regulations. The Board and Management of the Bank hereby use this opportunity to advise its valued clients that the action of the Central Bank of Nigeria (CBN) does not impact their ability to engage with the Bank for their personal, business and corporate transactions. ”
Earlier on Monday, MTN filed a suit against CBN and the attorney-general of the federation to seek a restraining order and also an injunction to protect its assets and shareholder rights.

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