N1.8bn deduction from Stanbic IBTC in national interest, says CBN official

The Central Bank of Nigeria (CBN) says the alleged deduction of N1.886 billion fine from Stanbic IBTC Bank’s account was in done in national interest.

An official of CBN, who pleaded anonymity while confirming this to NAN in Lagos, said he could not immediately give details, but the apex bank would issue a statement on the matter later.

The CBN had, on August 28, ordered MTN to refund $8.1 billion repatriated from their Nigerian operations to offshore investors.

Four banks, Citibank, Diamond Bank, Stanbic IBTC and Standard Chartered Bank, were fined N5.87 billion for allegedly issuing irregular certificates of capital importation (CCIs) on behalf of some MTN offshore investors.

Stanbic IBTC had denied the allegations, it did not violate any regulation on money remittances.

Standard Chartered Bank was fined N2.4 billion; Stanbic IBTC, N1.8 billion; Citibank Nigeria, N1.2 billion and Diamond Bank, N250 million.

The management of Stanbic IBTC Bank, had on Friday, alleged that the apex bank unilaterally deducted N1.886 billion from its account as a fine imposed on the bank.

Chidi Okezie and Bridget Oyefeso-Odusami, secretary and acting head, marketing and communications of Stanbic IBTC Bank, made this known in a statement.