Standard Bank has told shareholders that the Central Bank of Nigeria (CBN) has informed it that it will review its decision to force the banking group to refund over $2.6 billion in expatriated funds.<\/p>\n
The \u00a0CBN\u00a0had imposed a penalty on Stanbic relating to the remittance of foreign exchange on behalf of MTN Nigeria, and requested that the funds remitted by the bank on behalf of MTN Nigeria be
\nrefunded to the CBN.<\/p>\n
However, in a notice sent out on Tuesday (25 September) Standard Bank said that the CBN has written to advise the bank that it will examine new submissions and documentations made by the bank, and where justified, it will review its earlier decision on the penalty it imposed on the bank.<\/p>\n
Standard Bank had communicated to the CBN that it believed that it had acted properly in an agency capacity.<\/p>\n
“Furthermore, the CBN has confirmed that the Standard Bank will not be debited for $2.632 billion which the CBN had previously suggested that the bank should also be prepared to refund,” it said.<\/p>\n
Standard Bank said it will continue its engagements with the CBN.<\/p>\n
“As the financial impact of the penalties levied by the CBN on the Bank has been published and sufficient clarity has now been provided by the CBN regarding the Bank\u2019s relationship to the refund
\nsought by the CBN, caution is no longer required to be exercised by Shareholders when dealing in their Standard Bank Group securities,” it said.<\/p>\n