The Securities and Exchange Commission (SEC) has levied a N50.145 million fine on Stanbic IBTC Capital Limited for failing to adhere to regulatory requirements during Guaranty Trust Holding Company Plc’s (GTCO Plc) recent public share offer.
![](https://thenigerialawyer.com/wp-content/uploads/2025/05/idrinstitute.png")
The fine, disclosed in Stanbic IBTC’s half-year 2025 financial results, relates to the company’s role as Lead Issuing House for the GTCO offer. While earlier reports erroneously cited a figure of N50.1 billion, the company’s official statements confirm the penalty is N50.145 million.
SEC regulations mandate that issuing houses secure explicit approval, or a “No Objection” letter, before deploying electronic or digital channels such as internet banking, mobile apps, or USSD platforms for public offer applications.
Stanbic IBTC Capital reportedly did not obtain SEC’s approval before using these digital distribution methods, a breach that triggered the fine. The regulator’s guidelines are designed to ensure investor protection, proper handling of documentation, transparency in subscription processes, and compliance with disclosure requirements.
The use of electronic platforms for public and rights offers has been growing in Nigeria. SEC has encouraged the adoption of such platforms but emphasizes that digitization does not replace regulatory compliance.
For example, the Nigerian Exchange Group’s NGX Invest platform, which has received SEC approval, allows investors to participate in public and rights issues entirely online while maintaining regulatory safeguards. SEC has also shortened the approval timeline for public offers to 14 days, aiming to make the process more efficient.
Nevertheless, regulators stress that all digital offerings must follow formal approval processes to protect investors, ensure fairness, and prevent misuse of funds or inaccurate disclosures.
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