Stanbic IBTC, Access Holdings Pay N1.07bn Fines Over Market Infractions In Two Years
As the duo of Stanbic IBTC Holdings Plc and Access Holdings Plc reaped huge gains from the Nigerian economy, they have also paid N1. 07 billion to sector regulators in the period for infractions committed.
The fines were paid between 2022FY and 2023FY to the trio of Securities and Exchange Commission (SEC), National Pension Commission (PenCom), and the Central Bank of Nigeria (CBN).
Findings by InsideBusinessNG over the two years period revealed Access Holding in 2022 was sanctioned N704 million, while in 2023, the lender paid an N81.6 million fine for failing flouting market rules.
Also, Stanbic IBTC Holdings in 2022 was sanctioned N159 million in 2022 and N125.02 million in 2023.
For Access Holdings, the pan-African bank’s audited results for the full year ended December 31, 2023, revealed that the group was sanctioned N39.4 million by CBN for data recapture, the highest in 2023.
Access Bank, according to the financial statement paid N2 million for use of unauthorized advert material; N10 million for the Employment of Prospective Employees without CBN approval, and a sum of N2 million penalty for delay to customers as directed by the CBN.
Extracts from the 2023 audited results also showed that the bank was fined N0.2 million for violation of the revised guidelines on retirement savings account registration and another N2 million penalty for late filing of 2022 Audited Financial Statements.
Further sanctions include: “the sum of N5 million IRO for anti-money laundering, combating the financing of terrorism & countering proliferation financing (AML/CFT/CPF) risk-based examination for the period May 1, 2021 to April 30, 2022.
“Sum of N15 million IRO of penalties for a late rendition of Monthly, Quarterly, and Semi-Annual returns for June 2023 and the sum of N6 million IRO risk-based examination as at June 30, 2022.”
For Stanbic IBTC, the SEC imposed a fine of N6,775,453.87 on Stanbic IBTC Asset Management (SIAML) for failure to obtain SEC approval for an investment product – Privately Managed Portfolio.
The bank in its audited results and accounts revealed that “PENCOM imposed a fine of N600,000 on Stanbic IBTC Pension Managers Limited, being administrative Sanction on alleged violation of RSA Registration.
“PENCOM imposed a fine of N77,645,700 on Stanbic IBTC Pension Managers Limited, being an administrative sanction for funding RSA that was not recaptured as of 31 May 2023.
“The CBN imposed a fine of N5 million on Stanbic IBTC Bank Limited for alleged failure to obtain CBN prior approval before staff employment and imposed a fine of N35 million on Stanbic IBTC Bank Limited for alleged failure to file STR/SAR to the Nigerian Financial Intelligence Unit (NFIU).”