Stanbic IBTC Holdings Plc., the parent company of Stanbic IBTC Bank Plc., which was fined ₦1.88 billion by the CBN for its part in the MTN Nigeria illegal repatriation case has responded.
Following the news which surfaced on 29th August, the quoted share price of Stanbic IBTC Holdings PLC (STANBIC) dropped, albeit briefly. STANBIC which was trading at ₦49.50 a day before dropped by 2.02% to ₦48.50 on the 29th. It experienced a more dramatic drop of 2.58% closing at ₦47.25 on the 30th. Meanwhile, the Stanbic team were cooking a response.
In an attempt to buy back their stakeholders’ trust and notify the Exchange, the company released a statement to the Nigerian Stock Exchange (NSE) on the 30th reassuring their customers that they were still capable of doing business.
“Please be assured that the above does not impact on your ability to continue to conduct your various business and corporate transactions with Stanbic IBTC Holdings or any of its subsidiaries, including the Bank”, the statement said.
Their less than 200 words statement was a classic case of “whatever you say can be used against you in court” as the bank only mentioned that they were in talks with the CBN.
It reads:
“The Bank is holding further engagements with the CBN, in relation to the issues it has raised.”
Whether or not they will come out of this remains to be seen?
Here is Stanbic’s full statement:
LAGOS, Nigeria – 30 August 2018 Stanbic IBTC Holdings PLC (a member of Standard Bank Group) has been informed by its banking subsidiary – Stanbic IBTC Bank PLC (the “Bank”) that penalties have been imposed on the Bank by the Central Bank of Nigeria (CBN) pursuant to a review of transactions relating to the remittance of foreign exchange on the basis of certain “irregular” capital importation certificates issued to MTN Nigeria Communications Limited. The Bank is holding further engagements with the CBN, in relation to the issues it has raised. Please be assured that the above does not impact on your ability to continue to conduct your various business and corporate transactions with Stanbic IBTC Holdings or any of its subsidiaries, including the Bank. For any enquiry, please contact Chidi Okezie, Group Company Secretary– Email: chidi.okezie@stanbicibtc.com or Bridget Oyefeso-Odusanmi, Ag. Head, Marketing and Communications – Email: Bridget.OyefesoOdusanmi@stanbicibtc.com.
Stanbic IBTC Holdings PLC is one of the four banks linked to this case, we expect press releases from the other banks.