Nigeria, May 14 -- The management of Stanbic IBTC was fined about N2 billion for violating the guidelines of the Central Bank of Nigeria, CBN, and committing other sundry offences in 2018.

Details of the fines are contained in the bank's financial statement for the year ended December 2018.

The group said it was penalised by the CBN and the National Office for Technology Acquisition and Promotion, NOTAP, during the period.

The details showed that the bank received a penalty of N1.8 billion (N1,885,852,847.46) which came from CBN investigation on "irregular" Certificates of Capital Importation ("CCI's") issued to MTN Nigeria Communications Limited (MTN Nigeria), between 2007 and 2015.

For contravening the CBN directive on repatriation ...