The Competition and Consumer Protection Tribunal, CCPT, sitting in Abuja on Thursday imposed a fine of N120 million against Stanbic-IBTC Bank over the its failure to complete a transfer request for a customer.
In a split decision of two to one, the tribunal convicted the bank for contravening the provisions of Section 130(1)(a) of the FCCP Act, 2018 and Section 5(2)(8) and (9) of the Central Bank of Nigeria Regulation on Instant Interbank Electronic Transfers.
The tribunal said the fine was imposed due to the bank’s faliure to comply with the 10 minutes or at most one hour mandatory timeline for failed transfers to be reversed as provided by Sections 154 and 155 of the FCCP Act, 2018.
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