In the cutthroat world of Nigerian banking, Stanbic IBTC has long positioned itself as a reliable pillar of financial stability. But beneath the glossy facade of corporate branding lies a troubling underbelly of rampant fraud, porous security systems, and a cavalier attitude toward customer trust. Recent scandals have exposed how the bank’s outdated infrastructure…
With 415 litigation cases hanging around its neck, Stanbic IBTC has stated that its exposure has come up to more than N268 billion in addition to other large foreign currencies in contingent liabilities at the end of the first quarter of 2024. The Group litigation portfolio as at 31 March 2024 consisted of…
A Federal High Court in Lagos, Southwest Nigeria has adjourned till 24th of May, 2023, a case of Stanbic IBTC staff alleged to have fraudulently converted the sum of N250 Million to his personal use. When the case was mentioned, the Police prosecuting counsel M. U. Usman told the court that the defendant has approached…
A Competition and Consumer Protection (CCP) tribunal sitting in Abuja has imposed a fine of N120 million on Stanbic IBTC Bank over the failure to complete a transfer request of a customer. A three-member tribunal, presided over by Sola Salako-Ajulo, gave the judgment on Thursday following an ex parte application filed by Deborah Solomon, a…
Federal high court sitting in Lagos south west Nigeria has adjourned till 24th of May 2023,a case of Stanbic IBTC staff alleged to have fraudulently converted the sum of N250 Million to his personal use. Truetella Nigeria reports that when the case was mentioned,the Police prosecuting qq counsel M. U.Usman told the court that,the defendant…
The Independent Corrupt Practices and other related offences Commission (ICPC), has arrested an official of Stanbic IBTC Bank in Abuja for alleged sabotage. The ICPC spokesperson, Azuka Ogugua, said the development was in continuation of ICPC’s clampdown on elements frustrating efforts in making the redesigned Naira notes available to members of the public. …
Stanbic IBTC, a member of Standard Bank Group, has announced its nine months unaudited results for the period ended 30 September 2022. Commenting on the results, Dr Demola Sogunle, Chief Executive Stanbic IBTC, said: “We continue to witness growth in our client franchise and key income lines. The Group’s profitability increased by 57% QoQ, largely…
Stanbic IBTC Bank PLC, a subsidiary of Stanbic IBTC Holdings PLC, has emerged as ‘Best Sub-Custodian Bank in Nigeria’ at the 2022 edition of the Global Finance Awards. The recent win makes it the thirteenth consecutive time the bank will win the award. Organized by Global Finance magazine, the Global Finance Awards recognizes banks and…
Customers In Panic As Stanbic IBTC Bank Scales Down On Earnings From Top To Bottom Line. Fiscal has turned out a down year for Stanbic IBTC Bank Plc with earnings numbers plunging from the top to the bottom lines. The bank‘s unaudited accounts for the 2021 full year show that gross earnings went down by 12.2…
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has urged small and medium size enterprises (SMEs) in Nigeria to digitise their products and services to drive business efficiency. The call was made during the 2022 Enterprise Banking webinar organised by Stanbic IBTC, Themed ‘Your Business, Our Business: Accelerating Business Growth’, the webinar featured…
