Stanbic IBTC In Trouble For Hoarding Export Proceeds, Misinformation On Earnings

For contravening various guidelines, Stanbic IBTC Holdings Plc was slammed with fines by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).

Stanbic IBTC was also penalised by the National Pension Commission (PenCom), taking the total monetary fine to N159 million. 

Prime Business Africa noted that the amount was imposed on Stanbic IBTC for the financial year of 2022. The fine is below the N233 million the firm lost to penalties in 2021. 

It was gathered that the CBN fined Stanbic IBTC N44.85 million for failing to report export proceeds and Certificate of Capital Importations to CBN and Nigerian Financial Intelligence Unit (NFIU). 

The CBN also fined Stanbic IBTC for a late rendition of daily and monthly returns: “The CBN imposed a fine of N44,850,000 on Stanbic IBTC Bank PLC for failure to report export proceeds and Certificate of Capital Importations to CBN and NFIU. 

“The CBN imposed a fine of N5,000,000 on Stanbic IBTC Bank PLC for late rendition of daily return. The CBN imposed a fine of N5,000,000 on Stanbic IBTC Bank PLC for late rendition of monthly return.”

Also, it was learnt that PenCom slammed the company’s subsidiary, Stanbic IBTC Pension Managers Limited, with N69.60 million for contravening the provisions of the Revised Registration Guidelines. 

Stanbic IBTC Pension Managers was also issued an administrative sanction: “PenCom imposed a penalty of N69,600,000 on Stanbic IBTC Pension Managers Limited for contravening the provisions of the Revised Registration Guidelines 

“PenCom imposed a fine of N10,000,000 on Stanbic IBTC Pension Managers Limited as an administrative sanction for the publication of an unapproved advert by Stanbic IBTC Group.” 

Another subsidiary of the firm, Stanbic IBTC Capital Limited, was hit with N500,161.25 by the SEC for not depositing all the proceeds of the Stanbic Infrastructure Fund issue in an interest-yielding account with the custodian. 

SEC also imposed a fine of N8,205,000 on Stanbic IBTC Trustees Limited for misinformation of the income earned on the investment of Bond sinking funds on the year 2020 returns. 

Also, “NAICOM imposed a fine of N15,250,000 on Stanbic IBTC Insurance Brokers Limited for alleged failure to avail an onsite inspector with the full representation of KYC/CDD documents conducted on customers. 

“NAICOM imposed a fine of N250,161.25 on Stanbic IBTC Insurance Limited for late upload of online real-time data of policies booked. 

“Federal Inland Revenue Service imposed a fine of N50,000 on Stanbic IBTC Insurance Limited for late filling and remittance of Value Added Tax (VAT),” the financial statement reads.