Nigeria

CBN Fines: NSE Reviews Stanbic IBTC, Diamond Bank corporate governance

By Peter Egwuatu

There are indications that the Nigerian Stock Exchange (NSE) and other stakeholders have launched an engagement process to review the compliance of Stanbic IBTC Holdings Plc and Diamond Bank Plc to high-level corporate governance standards expected of quoted companies.

The review following the fines imposed on Stanbic IBTC Bank and Diamond Bank by the Central Bank of Nigeria (CBN) along with two other unquoted banks (Standard Chartered Bank and Citibank) for complicity in alleged illegal repatriation of $8.1 billion by MTN Nigeria Communications Limited.

Diamond Bank

However, attempt to confirm from the Exchange on review of the corporate governance status of both banks proved abortive as text message sent to the image maker of the NSE was not responded as at press time.

Stanbic IBTC Holdings Plc, the parent company of Stanbic IBTC Bank, and Diamond Bank were among 35 companies that were awarded the Corporate Governance Rating System (CGRS) certification in February 2018.

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