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The Stanbic IBTC Group paid a total of N113 million in penalties to the Central Bank of Nigeria (CBN), National Pension Commission (PENCOM) and the Securities and Exchange Commission (SEC) during the 2025 Half Year period as follows:
SEC imposed a penalty of N3,980,000 on Stanbic IBTC Asset Management Limited for:
Failure to comply with the Commission’s requirement on valuation methodologies of Fixed Income Securities and wrong disclosures in 2023 Audited Financial statements of enhanced short-term income fund.
CBN imposed a fine of N2,700,000 on Zest Payments for failure to submit 2023 Audited Financial Statements for by 31 March, 14 days after the regulatory timeline.
SEC imposed a fine of N50,145,000 on Stanbic IBTC Capital Limited as the Lead Issuing House for the issuer, Guaranty Trust Holding Company Plc (GTCO PLC) who failed to obtain “No Objection” or approval from the SEC prior to utilising its digital distribution channels (internet banking and mobile apps) to accept applications under its Public Offer of shares.
The SEC imposed a fine of N500,000 on Stanbic IBTC Trustee Limited, being a Trustee to three Funds and failing to ensure that the Fund Manager comply with the valuation methodology for fixed income instrument as provided in Schedule VI of the SEC Rules 2019.
The CBN imposed a fine of N56,000,000 on Stanbic IBTC Bank Limited for failing to report a cyber-incident within 24 hours of detection in contravention of Section 5.6 of the CBN Risk Based Cybersecurity Framework, 2018.
The Bank was penalised N56 million comprising of N50 million for the contravention and N6 million representing N1 million daily for 6 days that the breach persisted.
The Bank said it wrote to CBN to appeal the erroneous finding claiming the Regulation’s observation is incorrect.
The total penalties paid by the Group amounted to ₦113 million (June 2024: ₦159 million).
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