Standard Chartered Pledges Sustained Adherence to Regulations

Standard Chartered Bank Nigeria Limited yesterday has promised to continue to conduct its and remain committed to carrying on our business in compliance with all relevant laws and regulations.

The bank stated this in a statement yesterday.

Standard Chartered Bank Nigeria Limited recently received a letter from the Central Bank of Nigeria imposing sanctions on the bank for alleged breaches of foreign exchange regulations in connection with certain foreign currency remittances. The bank was thereafter debited the said sum. The transactions, some of which date back to 2001, were in respect of foreign currency remittances backed by Certificates of Capital Importation (CCIs) issued in favour of our client, MTN Nigeria Communications Limited.

The bank had responsed to the CBN on the said infractions and had refuted allegations of any wrongdoing.”

It added: “As in all countries where the Bank operates, Standard Chartered Bank Nigeria Limited remains committed to ensuring that all its processes and procedures adhere to the highest levels of corporate governance, controls and compliance with applicable laws of the jurisdiction.”

Speaking on the matter, its Head, Corporate Affairs, Brand and Marketing, Nigeria, Dayo Aderugbo said: “I would like to reiterate to our stakeholders that in Nigeria, as in all countries where Standard Chartered operates, we conduct, and remain committed to carrying on our business in compliance with all relevant laws and regulations.

“The board and management of the bank hereby use this opportunity to advise its valued clients that the action of the Central Bank of Nigeria (CBN) does not impact their ability to engage with the Bank for their personal, business and corporate transactions.”