A deal could be in the offing for Standard Bank's Nigerian unit and Nigeria's central bank
The Nigerian Central Bank says it is examining new documentation submitted by Standbic IBTC, and where justified, will review its penalty
Standard Bank has raised hopes of a solution for its Nigerian subsidiary, which is ensnared in a dispute between MTN and Nigerian authorities over the repatriation of dividends, worth billions of dollars. The banking group said on Tuesday that the Nigerian Central Bank was reviewing new documentation and submissions made by Stanbic IBTC Bank, which is accused of playing a role in illegally transferring $8.1bn on behalf of MTN Nigeria — a claim Stanbic rejects. The central bank had said earlier that Stanbic would face a $75m penalty for allegedly flouting Nigeria's foreign-exchange laws. But signalling a change of heart, the central bank said on Tuesday that it was examining the new documentation, and where justified, would review its penalty, according to Standard Bank statement.
"Furthermore, the [Central Bank of Nigeria] has confirmed that the bank will not be debited for $2.632bn, which the CBN had previously suggested that the bank should also be prepared to refund," the ...
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