South Africa, home to Africa’s largest cooperate criminals whose penchant for expansion matches their zeal to disregard the laws of its host countries has been brought to the spotlight again.

A country with a dying economy remaining in a stagnant state of little or no growth, coupled with the implementation of Black Economic Empowerment (BEE), an ill thought-out economic roadmap for its basically illiterate majority black population, has witnessed an exodus of majority white owned companies from its home shores to other parts of Africa as corporate economic asylum seekers in a desperate means of survival and sustainability in the face massive takeover at home.

Little wonder South Africa’s companies from Multichoice, to MTN and now Stanbic Bank are habitually breaking the regulations and laws of most host countries in Africa and at same time exporting huge domestic funds out of their host communities into South Africa illegally.

Sometime ago in 2015, MTN deliberately broke the law by allowing millions of unregistered subscribers access to its network, indirectly aiding kidnappings and other criminal activities in the country. When fined by the Nigeria Communication Commission, NCC, she took the route of diplomatic negotiations, instead of complying.


In a more recent development, two South African companies in Nigeria, MTN and Stanbic bank have done a grand collaboration to export funds amounting to Billions of money out of the shores of Nigeria. The Central Bank of Nigeria has imposed heavy fines on Stanbic bank for illegally externalising billions of Dollars from that country.

Stanbic colluded with another South African company MTN to illegally expatriate billions of monies from Nigeria. MTN has been ordered to return the money to Nigeria while Stanbic and other banks have been fined and given other regulatory measures.

Stanbic Nigeria has been fined 1.885billion Naira.

While other banks have complied with the sanctions taken by the central bank of Nigeria, Stanbic, typical of its tricky, shoddy and questionable operations, says it will ‘talk’ to the central bank.


Stanbic IBTC Holdings PLC (a member of Standard Bank Group) has been informed by its banking subsidiary – Stanbic IBTC Bank PLC (the “Bank”) that penalties have been imposed on the Bank by the Central Bank of Nigeria (CBN) pursuant to a review of transactions relating to the remittance of foreign exchange on the basis of certain “irregular” capital importation certificates issued to MTN Nigeria Communications Limited.

The Bank is holding further engagements with the CBN, in relation to the issues it has raised. Please be assured that the above does not impact on your ability to continue to conduct your various business and corporate transactions with Stanbic IBTC Holdings or any of its subsidiaries, including the Bank.

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