The Central Bank of Nigeria has said it will review its decision on the $2.632bn regulatory fine it imposed on Stanbic IBTC Bank Plc on the basis of the Certificates of Capital Importation to MTN Nigeria Communications Limited.
Stanbic IBTC Holdings Plc, in a statement signed by the Company Secretary, Chidi Okezie, to the Nigerian Stock Exchange on Monday, said the CBN confirmed that its banking subsidiary would not be debited for the $2.632bn, being the portion of the remittances the bank had made on the basis of the CCI.
It noted that the Central Bank had previously suggested that the Bank should be prepared to refund the amount.