Stanbic IBTC Holdings Plc, a Nigerian financial institution, has been fined a total of N159 million by the Central Bank of Nigeria (CBN), the Securities and Exchange Commission (SEC), the National Pension Commission (PenCom), the Nigerian Federal Inland Revenue Service, and the Nigerian National Insurance Commission (NAICOM). This penalty was imposed on the company for various violations during the 2022 financial year, but it is lower than the N233 million the company was fined in 2021.
The CBN fined Stanbic IBTC N44.85 million for failing to report export proceeds and Certificate of Capital Importations to the CBN and Nigerian Financial Intelligence Unit (NFIU), as well as for late rendition of daily and monthly returns. PenCom imposed a penalty of N69.60 million on the company’s subsidiary, Stanbic IBTC Pension Managers Limited, for contravening the provisions of the Revised Registration Guidelines, and an administrative sanction of N10,000,000 for publishing an unapproved advertisement.
Meanwhile, SEC fined Stanbic IBTC Capital Limited N500,161.25 for not depositing all the proceeds of the Stanbic Infrastructure Fund issue in an interest-yielding account with the custodian. Additionally, SEC imposed a fine of N8,205,000 on Stanbic IBTC Trustees Limited for misinformation of the income earned on the investment of Bond sinking funds on the year 2020 returns.
NAICOM also imposed fines of N15,250,000 and N250,161.25 on Stanbic IBTC Insurance Brokers Limited and Stanbic IBTC Insurance Limited, respectively, for failing to provide full representation of Know Your Customer/Customer Due Diligence (KYC/CDD) documents conducted on customers and for late upload of online real-time data of policies booked. Furthermore, the Federal Inland Revenue Service imposed a fine of N50,000 on Stanbic IBTC Insurance Limited for late filing and remittance of Value Added Tax (VAT).
Overall, the financial statement shows that Stanbic IBTC Holdings Plc was penalized by various regulatory bodies for various violations during the 2022 financial year.