Stanbic IBTC Clarifies Position  at MTN Senate Probe

Stanbic IBTC2
Stanbic IBTC2

Stanbic IBTC Bank Plc has clarified the responses given by its Chief Executive Officer, Olayinka Sani, at a Senate committee hearing on the alleged illegal repatriation of funds by MTN.

According to the bank, Sani who spoke on behalf of the bank at the hearing, reiterated the fact that Stanbic IBTC was ready to cooperate fully with the Senate (as it had been doing with the Department of State Services, DSS) in ensuring that the truth in respect of the transactions done on behalf of MTN was unearthed.

Sani told the committee that the investigations  are welcomed and would help show that StanbicIBTC has done nothing wrong and has operated to the high governance and ethics standards.

He also noted that Stanbic IBTC had provided all the necessary documents requested for by the Senate, a statement from the bank explained.

Sani also mentioned that the bank had handled on behalf of MTN its private placement when the original shareholders of MTN divested part of their shares in MTN.

One of the senators at the hearing also asked a couple of questions on other issues that were not connected with the MTN transactions and Sani provided responses to those issues.

The Senate hearing was declared opened by the Chief Whip of the Senate, Senator Sola Adeyeye, who represented the Senate President.

The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions (the Senate Committee investigating the allegations), Senator Rafiu Ibrahim, had in his opening remarks, stated that the essence of the Senate investigation was to enable the Senate understand how the transactions in questions were handled.

He assured all those who were invited to the investigation that the investigation was not a witch hunt but a fact finding exercise.

Ibrahim stated that the public hearing was the first stage of the investigation process; the second stage would involve a comprehensive review of the documents submitted by all parties and would involve the parties being invited on an individual basis to provide clarification on the documents submitted and answer necessary questions from members of the Senate committee and the consultants that had been employed for the exercise.

Afterwards, the senator who sponsored the motion that gave rise to the investigation, Senator Dino Melaye, gave an overview of the purported issues with the repatriations that were done by MTN and its bankers.

The first person that was called to speak in line with the order of the proceedings that was followed by the Senate committee was Mr. Jim Obaze of the Financial Reporting Council (FRC) and he spoke about the functions performed by the FRC.

He went on to add, at the prompting of the Chairman of the Senate Committee, that weak accountability of the regulatory agencies was what gave rise to some of the purported issues.

The acting CBN Director of the Trade and Exchange Department, Mr. Gotring, who represented the CBN Governor was next to speak.

He was questioned about the role of the CBN in approving some of the transactions and the oversight responsibility that the CBN played in respect of the MTN transactions.

The acting Director also shared with the Senate Committee a report that the CBN had previously prepared when an investigation was carried out on the MTN transactions which report he noted had also been given to the Department of State Services (DSS) as part of the DSS investigation.

Gotring also explained to the senators that where for one reason or the other, a bank could not comply with the 24 hour Certificate of Capital Importation (CCI) rule, the bank that was processing the CCI would apply to the CBN for approval to issue the CCI out of time.

Read more:

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

About Cynthia Charles 1207 Articles
She is a prolific writer and has special interest on writing about business and opportunities. She can be contacted via [email protected]

Be the first to comment

Leave a Reply

Your email address will not be published.