Stanbic IBTC Group has paid the N1.886 billion regulatory fine imposed by the Central Bank of Nigeria (CBN) on its banking subsidiary – Stanbic IBTC Bank.

The fine was imposed on the lender over foreign exchange remittance infractions associated with certain capital importation certificates issued to MTN Nigeria Communications Limited.

In a statement signed by the bank’s Company Secretary, Chidi Okezie, obtained today on Nigerian Stock Exchange (NSE) website, the lender notified the NSE that it had paid the N1.886 billion regulatory fine imposed by CBN on its banking subsidiary– Stanbic IBTC Bank.

The group stated: “Following our earlier announcement to The Nigerian Stock Exchange on 30 August 2018, in respect of the penalty of N1.886 billion imposed by the Central Bank of Nigeria (“CBN”) on our banking subsidiary– Stanbic IBTC Bank in relation to the remittance of foreign exchange on the basis of certain capital importation certificates issued to MTN Nigeria Communications Limited, we write to update The NSE that CBN has debited the account of our banking subsidiary with the CBN for the full amount of the above stated fine advised to the Bank”.

“Stanbic IBTC Holdings PLC, as well as our banking subsidiary, maintains our position on this matter, which is the fact that the Bank has done nothing illegal and accordingly the Bank will continue to provide CBN with documents and details in support of our contention that our actions in relation to these transactions were not illegal.

“Please note that this debit does not impact on the capacity of our banking subsidiary to handle clients’ requests or clients’ ability to continue to carry out viable business transactions with either the Bank or any member of the Stanbic IBTC Group, whether in relation to the importation of capital or otherwise.

“Our business transactions will continue to be handled professionally and in a manner that is aligned with Nigeria’s laws and regulatory guidelines”, the bank added.

Similarly, Diamond Bank, which was slammed N250 million by the CBN for similar offence also confirmed to the NSE that it had made full payment in respect of the fine levied against it.

The bank’s Company Secretary, Uzoma Uja, confirmed: “We hereby update the NSE, and the public that the CBN has debited Diamond Bank’s accounts with CBN for the full amount of Nevertheless, the Bank will continue to engage, and co-operate with the CBN, and furnish it with every information necessary to reaffirm our stand that the Bank carried out the subject transaction in full compliance with all rules, regulations and guidelines.

“Please note that the payment of this fine does not impact our capacity to offer normal banking Services”, Uja added.