Wednesday, September 24, 2025
23.1 C
Lagos

Stanbic IBTC Bank Corrects Narrative on Violating BOFIA Act 2020 

Stanbic IBTC Bank has recently become aware of certain misinformation circulating with respect to its loans to Directors in 2022.

As a socially responsible corporate organisation, Stanbic IBTC Bank is aware of the significance of maintaining transparency and integrity in all its processes.

It is therefore necessary to address these allegations promptly and directly.

It is important to clarify that the Bank’s lending policies are uniform according to the categories of loan applications received.

All loans, regardless of who the recipients may be, undergo a thorough and rigorous review process.

This process ensures that every loan is made on a justifiable basis and in accordance with the Bank’s stringent lending policies; and these policies are in place not only in adherence to legal requirements, but also to uphold our commitment to fairness and integrity.

The Bank’s board members are not exempt from these procedures or the Bank’s internal credit and risk policies as the loans were approved by the appropriate credit committees and were made on commercial terms.

Stanbic IBTC Bank remains committed to conducting its business in a responsible and ethical manner.

The Bank will continue to adhere to all applicable laws and regulations, and will maintain the highest standards of Corporate Governance.

spot_img
spot_img

Hot this week

NCDMB ES: African Nations Must Collaborate to Develop Oil Sector

Close partnership and collaboration among African oil and gas...

NCDMB Boss Commends West African Ventures, Seeks Investment in Deepwater Operations

The Executive Secretary of the Nigerian Content Development and...

Ecobank Design & Build Expo: Global & Local Giants to Showcase Cutting-Edge Products in Lagos

Leading global and local brands in the building, design,...

Fidelity FNITCC Confab: Atlanta Mayor Highlights Economic Ties with Africa

L – R: Managing Director/Chief Executive Officer, Fidelity Bank...

HRM Igwe Maduagwuna of Awba-Ofemili Commends The Village Priest Author, Remmy Nweke

His Royal Majesty, Igwe Ezekwesili Maduagwuna, Ofemili I of...

Topics

Chain Reactions Africa Clinches Top Honours as Nigeria’s Most Celebrated PR Firm at SABRE Awards

L-R: Israel Opayemi, MD/Chief Strategist, Chain Reactions Africa; Arik...

USPF Scribe Applauds ITU, UK-FCDO’s Partnership on Nigerian Rural Connectivity

L-R: Representative of the United Kingdom Foreign, Commonwealth & Development Office...

Equities Market Extend Losses To Third Consecutive Session… NSE ASI Down 2.7%

The negative trend in the equities market was extended...

Hayford Alile: ‘Great Loss to Capital Market in Nigeria’

The Nigerian Stock Exchange (NSE) mourns the loss of...

Nigeria Needs Strong Institutions, Diversified Economy for Growth

“Nigeria has experienced growth in the recent past and...

UBA Reports N206bn Interest Income in H1 2020

Kennedy Uzoka Group Managing Director/CEO UBA Plc The United Bank for Africa...

NGX Group Applauds German Govt, DEG for Commitment to Sustainability

Nigerian Exchange Group Plc (NGX Group) has lauded the...

Segun Agbaje: Using Fairs to Redefine Retail Banking, SME Lending – By Adekunle Olushola

Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank...
spot_img

Related Articles

Popular Categories

spot_imgspot_img