CBN sanctions Stanbic IBTC Holdings N438m in 2021

The Central Bank of Nigeria (CBN) sanctioned Stanbic IBTC Holdings Plc a total of N435 million in 2021 for not complying with five market regulations.

The bank in its 2021 financial statement released on the Nigerian Exchange Limited (NGX) disclosed that it was sanctioned N277 million in 2020 financial year.

It means the CBN in the last two years sanctioned the financial institution N712million.

According to the breakdown, the CBN debited the bank a sum of N200million for an alleged contravention of its circular with reference number BSD/DIR/GEN/LAB/14/001 on Cryptocurrency.

A statement extracted from the 2021 finacial statement stated: “The bank has written a letter of appeal for a review of the circumstances surrounding these accounts and a waiver of the N200 million fine imposed on the Bank.”

Also, the bank was sanctioned N1million for Administrative infractions during Retirement Savings Account Transfer in the 4th quarter of 2020 as a result of failed validation attempts at the point of upload.

The CBN debited the Bank N230 million for an alleged contravention of extant foreign exchange  regulations from January 2013 to July 2020.

The group’s financial statement added: “The CBN imposed a penalty of N2 million on the Bank following an alleged unfair termination of employment of a former employee, whose employment was terminated for being unable to meet the performance criteria required to confirm his employment in line with policy.”

The apex bank debited the Bank’s position with the sum of N2 million for an alleged Non-Compliance with CBN/CIBN Press Statement/Section 50 of BOFIA,.