MTN: Standard Chartered Bank speaks on CBN fines

Central Bank of Nigeria (CBN)
Central Bank of Nigeria (CBN)

Standard Chartered Bank Nigeria Limited on Tuesday reacted to the sanction imposed on it and three other banks by the Central Bank of Nigeria (CBN).

The bank in a statement Tuesday said it recently received a letter from the CBN imposing sanctions for alleged breaches of foreign exchange regulations in connection with certain foreign currency remittances.

“These transactions, some of which date back to 2001, were in respect of foreign currency remittances backed by Certificates of Capital Importation (CCIs) issued in favour of our client, MTN Nigeria Communications Limited,” the statement said.

“The Bank has sent a detailed and comprehensive response to the CBN on the purported infractions and has refuted all allegations of any wrongdoing.

“As in all countries where the Bank operates, Standard Chartered Bank Nigeria Limited remains committed to ensuring that all its processes and procedures adhere to the highest levels of corporate governance, controls and compliance with applicable laws of the jurisdiction.”

The CBN had imposed N5.87 billion as fines on the bank and three others, saying they violated Nigerian foreign exchange laws.

The banks are Standard Chartered Bank (N2.47 billion), Stanbic IBTC Nigeria (N1.88 billion), Citibank Nigeria (N1.265 billion) and Diamond Bank Plc (N250 million).

The banks were subsequently debited by CBN.

Dayo Aderugbo, head, corporate affairs, brand and marketing at Standard Chartered, said the sanction would not affect the bank’s operations.

He said, ‘’I would like to reiterate to our stakeholders that in Nigeria, as in all countries where Standard Chartered operates, we conduct, and remain committed to carrying on our business in compliance with all relevant laws and regulations.

“The Board and Management of the Bank hereby use this opportunity to advise its valued clients that the action of the Central Bank of Nigeria (CBN) does not impact their ability to engage with the Bank for their personal, business and corporate transactions.‘’


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