Standard Bank Group to engage Central Bank of Nigeria on MTN Nigeria saga


Central Bank of Nigeria investigation regarding client remittances by Stanbic IBTC Bank PLC relating
to MTN Nigeria Communications Limited and Cautionary Announcement

Standard Bank Group has been advised by its Nigerian banking subsidiary, Stanbic IBTC Bank PLC, that the Bank received a letter on 29 August 2018 from the Central Bank of Nigeria (CBN) informing it that penalties have been imposed on Stanbic IBTC Bank by the CBN pursuant to a review of transactions relating to the remittance of foreign exchange on the basis of certain irregular Certificates of Capital Importation (CCI) issued to MTN Nigeria Communications Limited, between 2007 and 2015.

Stanbic IBTC Bank is a wholly owned subsidiary of the Group’s 64.8% owned Nigerian Stock Exchange
listed subsidiary, Stanbic IBTC Holdings PLC.

The CBN has advised Stanbic IBTC Bank in this letter that it will be subject to a penalty of
NGN 1.885 billion (approximately ZAR75 million or $5.2 million) for violations of the laws and
regulations of Nigeria pertaining to foreign exchange transactions in that country.

The CBN has further advised the Bank in this letter that it requires that a sum of approximately $2.632 billion, being funds repatriated by Stanbic IBTC Bank on clients’ behalf, should be
refunded to the CBN, on the grounds that the relevant CCI’s were illegally issued.

Stanbic IBTC Bank was not a beneficiary of any of the remittances made on behalf of clients and denies any imputation of malfeasance.

The Bank intends to engage with the CBN in relation to the issues it has raised.

Clients of the Bank are assured that the above does not impact on their ability to continue to
conduct their various business and corporate transactions with Stanbic IBTC Holdings PLC or any of
its subsidiaries, including the Bank.

The final impact of this regulatory intervention is accordingly being determined but may have a
material effect on the price of the Group’s securities. Accordingly, shareholders of Standard Bank
Group are advised to exercise caution when dealing in their securities, until further details regarding this regulatory intervention are able to be announced.


About Author

Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email:

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