Security guard stands at the entrance of the Stanbic Bank in Abidjan
Standard Bank says Nigeria may review penalty in MTN funds repatriation
JOHANNESBURG (Reuters) - Standard Bank said Nigeria's central bank may review its decision to penalise its West African unit for allegedly breaking the law in helping South African mobile phone group MTN send money abroad.
Stanbic IBTC Bank is one of four banks that the Central Bank of Nigeria (CBN) accused of helping MTN to illegally repatriate $8.1 billion.
"The CBN has written to advise the Bank that it will examine new submissions and documentation made by the Bank, and where justified, it will review its earlier decision on the penalty it imposed on the Bank," Standard Bank said on Tuesday.
(Reporting by Tiisetso Motsoeneng, editing by Louise Heavens)
© 2018 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.