Thursday, September 20, 2018

Tag "Stanbic IBTC"

    CBN ‘reviewing’ sanctions placed on MTN, four banks

CBN ‘reviewing’ sanctions placed on MTN, four banks

The Central Bank of Nigeria (CBN) says it is reviewing the recent sanctions placed on MTN and four commercial banks.In a statement released on Wednesday, the apex bank said the parties involved have submitted fresh documents in response to the sanctions.CBN had ordered MTN to refund $8.1 billion which it claimed the company repatriated using irregular certificates of capital importation.It [...]

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    CBN debits accounts of fined banks over MTN’s ‘illegal’ repatriation

CBN debits accounts of fined banks over MTN’s ‘illegal’ repatriation

The Central Bank of Nigeria (CBN) has debited the accounts of three banks in relation to the fine placed on them for allegedly helping MTN repatriate $8.1 billion illegally.In a notice sent to the Nigerian Stock Exchange (NSE), Stanbic IBTC said the deduction will not affect its capacity to handle clients’ requests or clients’ ability to continue to carry out [...]

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    Omiyi, former Shell MD, succeeds Peterside as Stanbic IBTC chairman

Omiyi, former Shell MD, succeeds Peterside as Stanbic IBTC chairman

Basil Omiyi, one time member of the presidential advisory council, has been named to succeed Atedo Peterside, as the chairman of Stanbic IBTC Holdings PLC.In a statement signed by Chidi Okezie, the company secretary, the board of directors of the company, said Omiyi would resume as the chairman of the board with effect from May 15, 2017 "following the receipt of [...]

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    Tension as fire destroys Stanbic IBTC Bank in Lagos

Tension as fire destroys Stanbic IBTC Bank in Lagos

There was tension at the branch of Stanbic IBTC Bank at Abesan Gate, Ipaja, Lagos, on Thursday, as fire razed the building and destroyed properties worth millions of naira.No life was lost in the incident, as the bank’s staff managed to escape unhurt.One of the police officers attached to the building told NAN ‎that the fire started around 3:30pm.The officer [...]

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    Peterside: FX policy taking toll on economy

Peterside: FX policy taking toll on economy

Atedo Peterside, chairman Stanbic IBTC Holdings Plc, says the foreign exchange policy adopted by the federal government under the leadership of President Muhammadu Buhari “appears unsustainable”.Speaking at the 2016 Standard Bank West Africa investors’ conference in Lagos on Tuesday, Peterside said investors do not like uncertainties as seen in the new administration over the past few months.“In early September, 2015, [...]

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    Stanbic IBTC challenges judgment on FRC

Stanbic IBTC challenges judgment on FRC

Stanbic IBTC Holdings Plc has appealed the judgement of the federal high court which ruled in favour of the Financial Reporting Council of Nigeria (FRC) and National Office for Technology Acquisition and Promotion (NOTAP).In October, the FRC requested that the Central Bank Nigeria (CBN) and the Economic and Financial Crime Commission (EFCC) investigate Stanbic IBTC and KPMG Professional Services for “financial [...]

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    Court restrains FRC from sanctioning KPMG

Court restrains FRC from sanctioning KPMG

A federal high court in Lagos has restrained the Financial Reporting Council of Nigeria (FRC) from taking any action, sanction or measure against KPMG Professional Services.Ibrahim Buba, the presiding judge, ruled that the FRC must maintain status quo pending the hearing and determination of the suit filed by the applicants.Chuka Ikwuazo, prosecuting counsel, urged the court to restrain the respondents [...]

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    Stanbic IBTC shares soar following CBN ‘backing’

Stanbic IBTC shares soar following CBN ‘backing’

Stanbic IBTC saw its shares soar following a letter from the Central Bank of Nigeria (CBN) to the Financial Reporting Council of Nigeria backing the bank in their face-off.The bank shares rose by 4.97 percent on Wednesday after the CBN refused to accede to the FRC sanctions against the bank.The FRC had initially called for the suspension of four directors [...]

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    Nigerian economy records ‘worst week’ since 2008

Nigerian economy records ‘worst week’ since 2008

In 2008, the world experienced an economic recession, which had devastating effect on millions.One year after, the economy began to take shape, with that of Nigeria experiencing a steady gross domestic product (GDP) growth, which went as high as six percent in 2014.But with low GDP forecast, controversial foreign exchange policy, subsidy weight and strange sanctions, it is glaring that [...]

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    ‘Impossible. MTN cannot pay N1.04trn NCC fine’

‘Impossible. MTN cannot pay N1.04trn NCC fine’

It is impossible for MTN Nigeria to pay the N1.04 trillion fine it incurred from the Nigerian Communications Commission (NCC) for alleged breach of SIM registration rules, TheCable has been told.On Monday, Umar Danbatta, chief executive officer of NCC, approved punitive sanctions totalling N1.04 trillion ($5.2bn) against MTN Nigeria for SIM registration breach.The sanction, which is the largest in Nigeria’s [...]

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    FRC suspends Stanbic IBTC directors, KPMG

FRC suspends Stanbic IBTC directors, KPMG

The Financial Reporting Council (FRC) has requested that the Central Bank Nigeria (CBN) and the Economic and Financial Crime Commission (EFCC) investigate Stanbic IBTC and KPMG Professional Services for "financial misstatements".In a report released by the FRC on Monday, the council suspended the registration of four directors of Stanbic IBTC and that of its audit engagement partner, KPMG Professional Services, [...]

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Exchange Rates

September 20, 2018USDGBPEUR
INTERBANK360.45480.18420.32
LAGOS360485425
KANO361483423
PH362482423
ABUJA362481423
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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