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  • Updated: March 07, 2022

Stanbic IBTC Bank Refutes Multi-Million Agric Scam Claims

Stanbic IBTC Bank has distanced itself from a reported monumental fraud running into several billions of naira which was uncovered in the Central Bank of Nigeria’s Anchor Borrowers’ Programme.

Few days ago, some media organisation, reports that Stanbic IBTC Bank amongst other banks have been working closely to use the Bank Verification Numbers and other vital details of applicants for the loan to swindle both the government and farmers.

Reacting to the report via a press statement made available to AllNews Nigeria, Stanbic IBTC Bank stated that they were only acting according to the instructions of NIRSAL Microfinance Bank in respect of all their Anchor Borrowers Programme (ABP) related transactions at the time.

Stanbic IBTC Bank's statement reads thus, "Our attention has been drawn to an article where Stanbic IBTC Bank was mentioned, insinuating that Stanbic IBTC Bank was part of a "scam" reported in an article titled “SHOCKING – How BVN, Other Details of Farmers Seeking Loans Under CBN Scheme Were Used To Steal Multi-Million Naira From Government Coffers”.

"Kindly note that Stanbic IBTC Bank only acted on the instructions of NIRSAL Microfinance Bank in respect of all their Anchor Borrowers Programme (ABP) related transactions at the time.

"Stanbic IBTC never received any CBN Anchor Borrowers Programme (ABP) funds whatsoever on behalf of either Evergreen Cooperative Agro company and/or any of its promoters.

"Stanbic IBTC Bank remains very committed to strong ethics, values, governance and is dedicated to always doing the right business the right way".

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Zaccheus Ukhueleigbe
Zaccheus Ukhueleigbe

is a media and communications professional | digital media strategist. A proud Nigerian and an advo...

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