The Securities and Exchange Commission (SEC) has fined Stanbic IBTC Capital Limited N50.145 million for regulatory infractions linked to Guaranty Trust Holding Company Plc’s public offer of shares.
Stanbic IBTC, which acted as Lead Issuing House, disclosed the fine in its half-year 2025 financial report. Earlier reports had wrongly quoted the penalty as N50.1 billion, but the company clarified that the actual figure was N50.1 million.
The SEC faulted Stanbic IBTC for deploying internet banking and mobile applications to receive subscriptions during the GTCO offer without first securing the regulator’s mandatory “No Objection” approval.
Under Nigerian rules, issuing houses must obtain explicit SEC clearance before introducing digital or electronic channels for public offers. This requirement ensures that investor protections built into traditional paper-based processes are maintained, covering documentation, subscription, disclosure, and data security.
The regulator emphasised that using digital platforms without clearance breaches compliance standards and undermines safeguards designed to protect retail investors.
In recent years, SEC has encouraged digitisation in capital market operations through electronic offering guidelines, which permit online display of prospectuses, applications, payments, and allotments. The Nigerian Exchange Group has also launched NGX Invest, a digital investment platform approved to manage public and rights issues electronically.
Despite these advances, SEC insists that adherence to approval processes remains critical. The regulator has also shortened approval timelines for public offers to 14 days once documentation is complete, aiming to balance efficiency with compliance.
The fine on Stanbic IBTC underscores the Commission’s resolve to enforce investor protection rules as Nigeria transitions toward greater digitalisation of capital raising.
