cgrsng September 21, 2018 No Comments

Lagos, Nigeria (September 11, 2018) – The attention of the Steering Board of the Corporate Governance Rating System (CGRS) has been drawn to the announcement from the Central Bank of Nigeria (CBN) on 28 August 2018, on the alleged illegal capital repatriation of circa $8.1billion for MTN Nigeria Limited, between 2007 and 2015 by four (4) Banks, including Stanbic IBTC Bank Plc, and Diamond Bank Plc and the subsequent fines imposed on the four (4) Banks. The Steering Board has also noted subsequent publications and articles in the media relating to this matter.

Stanbic IBTC Holdings Plc (parent company to Stanbic IBTC Bank Plc) and Diamond Bank Plc, are companies listed on The Nigerian Stock Exchange (The Exchange), and they are among the thirty-five (35) companies that were awarded the CGRS certification on 22 February 2018.

Regulatory compliance formed a major part of the requirement for the award of the CGRS certification.

Consequently, the Steering Board is engaging with Stanbic IBTC Holdings Plc and Diamond Bank Plc on this matter, and will inform the investing public on the outcome of its engagement at a future date.

Signed:

CRGS Steering Board

About the CGRS:

The Corporate Governance Rating System (CGRS) is a joint initiative between The Nigerian Stock Exchange (The Exchange) and the Convention on Business Integrity (CBi), developed to rate the corporate governance and integrity practices of all companies listed on The Exchange. The CGRS was  launched on 3 November 2014.

For further information on the CGRS: http://www.nse.com.ng/investors-site/becominganinvestor/FAQs/Frequently%20Asked%20Questions%20on%20CGRS.pdf

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