Nigeria debits Stanbic’s account by R75m for forex-linked fine
Central Bank of Nigeria has debited Stanbic IBTC Bank’s account with the amount of the fine it imposed late last month
In another bizarre twist for South African corporates active in Nigeria, the country’s central bank has summarily deducted R75m from the bank account of Standard Bank’s Nigerian operation for alleged contraventions of foreign-exchange rules. The fine of 1.886bn naira, or about R75m, was imposed on August 29, and was still being appealed by Standard Bank’s Nigerian subsidiary Stanbic IBTC Bank. Standard Bank announced on Thursday, just before the market closed, that the money was deducted by the Central Bank of Nigeria (CBN). Stanbic was one of four banks accused of being involved in the contravention of Nigeria’s exchange controls. MTN Nigeria was also accused of illegally repatriating $8.1bn to SA between 2007 and 2015. Nigeria has taken these steps as the country prepares for elections in February 2019, in which President Muhammadu Buhari seeks re-election. He is campaigning on an anti-corruption ticket, with promises of clamping down on tax dodgers and corporate wrongdoers. CBN g...
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