STANBANK: 16,900 -320 (-1.86%)
Nigeria central bank debits StanChart, Citi over MTN funds -sources
(Adds comments from Standard Chartered, Citibank)
ABUJA, Sept 6 (Reuters) - Nigeria's central bank has debited
2.4 billion naira ($7.9 million) in fines from Standard
Chartered and 1.2 billion naira from Citigroup
for allegedly helping South African telecoms firm MTN
move funds abroad.
The central bank normally debits the account of banks when
it imposes a fine or to implement aspects of its monetary
policies such as cash reserve requirements.
The West African country's central bank last week ordered
MTN and its lenders to return $8.134 billion it alleges MTN had
sent abroad in breach of foreign exchange regulations.
MTN denies any wrongdoing, while Standard Chartered said it
was fully co-operating with the central bank with a view to
resolving the issue as soon as possible.
Citibank said in a statement it has sent a detailed response
to the central bank addressing the allegations after the U.S.
bank had received a letter imposing sanctions on it.
Nigeria's central bank fined Standard Chartered, Citibank,
Stanbic IBTC Bank and Diamond Bank, for
allegedly failing to verify that MTN had met all its foreign
Stanbic IBTC Bank, the local unit of South
Africa's Standard Bank, was fined 1.8 billion naira and Diamond
Bank 250 million naira.
Stanbic, said in a statement on Thursday that it had been
debited by the central bank for the fine.
Standard Bank said in a statement to the
Johannesburg stock exchange that it would continue to engage
with the central bank despite the debit.
($1 = 305.20 naira)
(Reporting by Chijioke Ohuocha, Paul Carsten and Alexis
Additional reporting by Tiisetso Motsoeneng in Johannesburg
Editing by Kirsten Donovan and Alexander Smith)
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