Regulators sanction Stanbic IBTC Holdings N53.3m over three market infractions
Three market regulators, Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and National Insurance Commission (NAICOM) have sanctioned Stanbic IBTC Holdings a whopping sum of N53.3million over three market infractions.
The financial institution in 2021 full year was sanctioned N438million over different market infractions.
As gathered from the Holdings audited financial statement for the half year ended June 30, 2022, the CBN imposed a fine on Stanbic IBTC Bank Plc for allegedly breaching AML/CFT Regulation in relation to foreign transaction returns.
The financial institution said it has written a letter to appeal this penalty but the Bank’s appeal was not considered as a final demand notice was served on the Bank and a payment of N44.85million was made in discharge the penalty sum.
Further market infraction revealed that NAICOM imposed a fine of N250,000 on Stanbic IBTC Insurance Limited for not adhering to portal enforcement of non-upload of online real-time data.
The apex insurance regulating body served a notice requiring the company to pay the sum of N250,000.00 as a fine.
In addition, SEC fined the Stanbic IBTC Trustees Limited for allegedly providing misleading information to the Commission and to unbundle the entire investments with Stanbic IBTC bond fund and reinvest outside any other subsidiary of Stanbic IBTC Holding Plc.
“A letter of appeal was written to the penalty.
The commission notified Stanbic IBTC Trustees to pay the sum of N8.21 million as a fine,” the bank explained in the audited financial statement under consideration.
