Stanbic IBTC Bank corrects narrative on violating BOFIA Act 2020 on loans

 

VICTORIA ISLAND, Lagos, Nigeria – Stanbic IBTC Bank has reacted to media reports suggesting that it violated BOFIA Act 2020 in respect of loans granted to directors in 2022.

In a statement, the bank debunked the media reports, stressing that 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”, the bank stated, adding that “the Bank’s lending policies are uniform according to the categories of loan applications received”.

Stanbic IBTC bank explained that 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”, the bank noted.

It said that Stanbic IBTC Bank remains committed to conducting its business in a responsible and ethical manner and will continue to adhere to all applicable laws and regulations, and will maintain the highest standards of Corporate Governance.