Stanbic IBTC Bank reacts to multi-million farmers’ loan scam allegations

Stanbic IBTC Bank has reacted to a purported report suggesting that the bank was part of a scam that used the details of farmers seeking loans under the Central Bank of Nigeria (CBN) scheme to steal millions from government coffers.

The bank in a statement said its 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”.

READ ALSO: Stanbic IBTC woos customers with new smart loan digital solution

“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.”