The Securities and Exchange Commission has issued SEC fines, totalling N50.145 million, to Stanbic IBTC Capital Limited for regulatory violations linked to Guaranty Trust Holding Company’s public share offer.
Stanbic IBTC, which acted as Lead Issuing House, disclosed the fine in its half-year 2025 results. It clarified that the SEC fine was N50.1 million, not N50.1 billion as earlier reported by some outlets.
According to the SEC, the company failed to obtain mandatory approval before using digital channels such as internet banking and mobile apps to receive applications.
Nigerian regulations require issuing houses to secure a “No Objection” from the SEC before deploying electronic platforms for public offers. This non-compliance resulted in SEC fines that underline the importance of adhering to regulatory guidelines.
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The rules ensure investor protection by regulating disclosures, subscription processes, and data handling. By bypassing this requirement, Stanbic IBTC Capital breached compliance standards, leading to the penalty and associated SEC fines.
In recent years, the SEC has encouraged the use of electronic offering platforms to expand retail investor participation.
Platforms such as NGX Invest already operate with formal SEC approval, managing subscription and payment digitally. The regulator has also shortened approval timelines to 14 days for public offers once documentation is complete.
However, the SEC insists that compliance must remain central even as markets shift toward digital channels.
