The Central Bank of Nigeria (CBN) and Nigerian Stock Exchange (NSE) has sanctioned Stanbic IBTC Holdings Plc N20.3 million for eight different offenses. The breakdown as indicated by the Holdings Company shows that a penalty of N10 million by CBN was imposed for AML/CFT related issues arising from the AML/CFT spot check in some of the branches.
According to the report, the CBN imposed a penalty of N2 million on Stanbic IBTC for providing new credit facilities to customers without Biometric Verification Number (BVN). CBN imposed a penalty of N2 million on the banking entity for failure to display conspicuously at the branches notices informing customers of the transfer of non-proprietary assets to custodians and that brokerage will be charged for purchase of financial assets on their behalf.
CBN imposed a fine of N2 million on Stanbic IBTC Holdings for failure to seek the CBN approval prior to paying the 2015 interim dividend. CBN imposed a fine of N2 million on the banking entity for failure to provide information relating to the Treasury Single Account (TSA) within the given deadline.
On the part of Nigerian Stock Exchange, it imposed a penalty of N2.1 million on Stanbic IBTC Holdings PLC for failing to obtain prior approval before the publication of a press release. The financial institution was sanctioned N100,000 and N75,000 for late rendition of a monthly return on mobile money scheme and late rendition of a daily returns for September 2015 and October 2015 respectively.
Meanwhile, the financial institution finally released its long awaiting results for the period ended December 31, 2015; which was accompanied with 2016 first, second and third quarter unaudited financial statement. For the financial year ended December 2015, the management of Stanbic IBTC Holdings proposed a dividend of N0.5 kobo. The lender profit after tax thus dropped by 45.2 per cent decline in profit after tax to N18.89 billion in 2015 as against N34.5 billion recorded in 2014.