The Securities and Exchange Commission (SEC) has imposed a fine of N50.145 million on Stanbic IBTC Capital Limited for breaching regulatory requirements related to the Guaranty Trust Holding Company Plc (GTCO Plc) public offer of shares.
Stanbic IBTC’s half-year 2025 financial results confirmed the fine was issued due to the firm’s failure to obtain SEC’s mandatory “No Objection” approval before using digital platforms, including internet banking and mobile apps, to collect investor applications.
SEC regulations strictly require issuing houses and market operators to secure official clearance before deploying electronic or digital channels for public offers. These approvals are essential for investor protection, ensuring that online processes for documentation, disclosures, data handling, and payments meet established regulatory standards.
By proceeding without this clearance, Stanbic IBTC Capital violated the rule, prompting the penalty.
This case highlights the SEC’s increasing vigilance as Nigeria’s capital market moves towards electronic offerings (e-offerings).
While the Commission has promoted the digitalisation of public offers and shortened approval timelines for complete applications to 14 days, it firmly insists that innovation must not override compliance.
The Commission has maintained that all digital channels used for public offers must receive prior approval to ensure market integrity, investor confidence, and transparent operations.