CBN, SEC, PenCom Fine Stanbic IBTC N113m for Compliance Failures
The Central Bank of Nigeria (CBN) slammed N56 million on Stanbic IBTC Bank Limited for failure to report a cyber episode that lasted for six days, according to a disclosure in its audited financial statement.
The group faced a series of penalties due to compliance failure, including wrong disclosure, a review of the first half of 2025 audited report shows.
Stanbic IBTC was also fined a huge amount for failure to follow an acceptable fixed income asset valuation method, which has the ability to overstate or understate profitability in the first half of 2025.
Details from Stanbic IBTC discourse revealed that the group paid penalties to the Central Bank of Nigeria (CBN), the National Pension Commission (PENCOM), & the Securities and Exchange Commission (SEC) during the period.
Its half-year audited report revealed that the SEC imposed a penalty of N3,980,000 on Stanbic IBTC Asset Management Limited. The penalty was as a result of Stanbic’s failure to comply with the Commission’s requirement on valuation methodologies of fixed income securities.
The market regulator imposed a fine on the group for wrong disclosures in the 2023 audited financial statements of enhanced short-term income fund.
In the same vein, the CBN imposed a fine of N2,700,000 on Zest Payments for failure to submit 2023 Audited Financial Statements by 31 March, 14 days after the regulatory timeline.
Additionally, the 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, which 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.
Details from the disclosure also highlighted that 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 complied with the valuation methodology for fixed-income instruments 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 N50 million for the contravention and N6 million, representing N1 million daily for 6 days that the breach persisted”, audited report revealed.
The total penalties paid by the Group amounted to ₦113 million versus ₦159 million paid in the similar period in financial year 2024. #CBN, SEC, PenCom Fine Stanbic IBTC N113m for Compliance Failures# Dollar Switches to Defend Position amidst U.S Shutdown Risks
