The Securities and Exchange Commission (SEC) has fined Stanbic IBTC Capital Limited N50.145 million for regulatory infractions tied to its role in Guaranty Trust Holding Company Plc’s (GTCO) landmark public offer.
The penalty, disclosed in Stanbic IBTC Holdings Plc’s half-year 2025 financial statements, stemmed from using digital subscription channels in the equity issuance process.
According to details, the SEC faulted the issuing house for failing to secure the regulator’s mandatory “No Objection” approval before allowing investors to subscribe through internet banking platforms and mobile applications.
The sanction is connected to GTCO’s N392.49 billion capital raise conducted in 2024, one of the largest transactions in the ongoing banking sector recapitalisation exercise. The Central Bank of Nigeria (CBN) had earlier directed lenders to bolster their capital base ahead of the 2026 deadline.
As Lead Issuing House, Stanbic IBTC Capital coordinated the offer, engaged regulators, and ensured compliance with rules guiding capital market transactions.
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