Standard Bank falls to two-month low as MTN Nigeria plunges
Standard Bank’s share price fell almost 4% on Thursday following a statement from the company that it had been implicated in an investigation initiated by Nigeria’s central bank regarding remittances it made on behalf of MTN Nigeria. The share was trading 3.26% lower at R183.11 at 11.10am on Thursday. MTN’s share price fell nearly 22% to R83.19 on Thursday. The bank said in a SENS statement that its Nigerian subsidiary, Stanbic IBTC Bank Plc, had received a letter from the Central Bank of Nigeria in which it had been fined for issuing "irregular" certificates of capital importation to MTN Nigeria between 2007 and 2015. The fine for these alleged contraventions translates to approximately R75m. In addition, the central bank wants $2.62bn refunded to it due to the illegal repatriation of funds by MTN Nigeria to SA. The repatriation was done using certificates of capital importation that were "illegally issued" by Standard Bank. The bank denies the allegations. Standard Bank said in a ...
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