The Central Bank of Nigeria (CBN) on Thursday effected the fine on four banksthat breached its capital importation policy to the tune of N5.87 billion.
CBN debited the account of Standard Chartered Bank with N2.4 billion, Stanbic IBTC N1.88 billion, Citibank Nigeria N1.2 billion and Diamond Bank N250 million for allegedly issuing irregular Certificates of Capital Importation (CCI) on behalf of some offshore investors of MTN Nigeria Communications Limited.
MTN Nigeria was also directed by the CBN to refund $8.134 billion to its coffers.
In a letter to the Nigerian Stock Exchange (NSE), Stanbic IBTC Bank informed investors and stakeholders that CBN had “unilaterally deducted” N1.886 billion from its account with the regulator, despite protestations by the bank that it did not violate any regulation on money remittances.
The apex bank said its investigation was triggered by “allegations of remittance of foreign exchange with irregular Certificates of Capital Importation (CCI)” between 2007 and 2015, in “flagrant violation of extant laws and regulations of Nigeria, including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 of the Federal Republic of Nigeria and the Foreign Exchange Manual, 2006”.
The letter was signed by the Group Company Secretary, Chidi Okezie, and Acting Head, Marketing and Communications, Bridget Oyefeso-Odusami.