Legal Disclaimer:
This report should be read as an account of documentary material and questions arising therefrom. Any interpretations are journalistic in nature and not statements of fact regarding liability or wrongdoing.
SPECIAL REPORT
Johannesburg — In 2012, as Africa entered what many policymakers and financiers described as a once-in-a-generation infrastructure expansion phase, Standard Bank—Africa’s largest lender by assets—was pursuing an aggressive strategy to position itself at the centre of sovereign finance across the continent.
Newly surfaced internal correspondence, reviewed as part of ongoing reporting linked to the Epstein Files, sheds light on how elements of that strategy were communicated—and through whom. The material shows that confidential discussions originating within Standard Bank were shared beyond conventional banking and diplomatic channels, ultimately reaching Jeffrey Epstein.
This investigation follows NOWinSA’s previous coverage of the Epstein Files, including scrutiny of selective public responses and silence from influential civil society actors such as AfriForum.
It also coincides with the US Department of Justice’s publication of 3.5 million pages of Epstein-related responsive records, which has significantly expanded public access to historical correspondence
https://www.justice.gov/opa/pr/department-justice-publishes-35-million-responsive-pages-compliance-epstein-files
1. The London-based strategy team
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1. The London-Based Strategy Team
Internal documents place Bunmi Otoki, then Director of Africa Solutions at Standard Bank in London, at the centre of the 2012 initiative.
According to the correspondence, Otoki was involved in positioning Standard Bank as a long-term financial partner to African governments, with an initial focus on Gabon and Ivory Coast. The proposals extended beyond routine banking services and reflected a broader ambition to embed the bank deeply within sovereign financial planning.
The internal documents reviewed by Now In SA describe the proposed strategy in explicit terms. The material states:
The documents outline a plan to:
- Displace Chinese Dominance: Specifically targeting the Belinga Iron Ore project in Gabon, which had stalled under Chinese state-owned firm CMEC.
- Debt Engineering: Converting state loans into “functional” currencies to hedge against market crashes.
- The Eurobond Play: Acting as the lead issuer for sovereign bonds, allowing these nations to borrow billions from international markets.
(A Eurobond is a debt instrument issued by a country in a stable foreign currency, typically USD or EUR, allowing governments to raise funds from international investors rather than relying on local currency borrowing.)Eurobond is a debt instrument issued by a country in a stable foreign currency, typically USD or EUR, allowing governments to raise funds from international investors rather than relying on local currency borrowing.)
The documents do not, on their face, assess the feasibility or eventual outcomes of these proposals, nor do they specify how such strategies would ultimately be implemented in practice.
2. Use of external intermediaries
The correspondence further shows that Otoki sought assistance from Sultan Ahmed Bin Sulayem, Chairman of global port operator DP World, to facilitate introductions to senior African political leaders.
In a June 2012 email, Otoki requested help in arranging direct meetings with heads of state. The communication suggests reliance on personal and political networks rather than traditional diplomatic or multilateral financial institutions.
While such relationship-based engagement is not uncommon in international finance, it introduces governance and reputational risks—particularly where sensitive sovereign-level financial information is involved.
3. Inclusion of Jeffrey Epstein in correspondence
The most consequential aspect of the documents concerns what followed.
Records reviewed show that Bin Sulayem forwarded Standard Bank-related correspondence to Jeffrey Epstein. At the time, Epstein had already been convicted of a sex offence in the United States.
The available material does not establish that Epstein held any formal advisory role with Standard Bank, nor does it demonstrate that the bank authorised or was aware of the onward transmission of its materials.
However, the inclusion of Epstein in this communication chain raises unresolved questions about information controls, intermediary oversight, and the handling of confidential sovereign finance discussions.
Why Epstein was included, what input—if any—he provided, and who within the relevant institutions was aware of his involvement remain unclear based on currently available records.
4. Commercial outcomes
The correspondence coincided with a period of notable expansion for Standard Bank across Africa.
- Ivory Coast: The bank subsequently launched its Stanbic brand in Abidjan, establishing a regional hub for Francophone West Africa.
- Belinga project: While the iron ore project itself remained delayed for years, it was later revived with reported investment in 2023. Standard Bank continued to operate as an infrastructure and advisory partner in the region during this period.
- Financial performance: By 2022, Standard Bank reported a 36% increase in earnings from its Africa Regions unit, reflecting the commercial success of its broader continental strategy.
5. Governance and compliance implications
The appearance of Epstein in the correspondence presents potential governance considerations rather than established findings of misconduct.
These include questions about:
- Oversight of third-party intermediaries
- Information security around sovereign-level proposals
- Risk management relating to reputational exposure
Whether these matters constituted breaches of internal policy or regulatory standards would be for competent authorities or internal reviews to determine.
The renewed scrutiny comes amid broader geopolitical strain, including deteriorating US–South Africa relations and ongoing controversy surrounding overseas political engagement and allegations of misinformation.
Why this reporting matters now
The renewed focus on Standard Bank follows a widely circulated X post by former investment banker and FinTech entrepreneur Koshiek Karan, who wrote:
“there’s still no mainstream media coverage of the extensive involvement involving Jeffrey Epstein with SA banks & financing projects across Africa
genuine question — what are financial journalists doing?”
As more Epstein-related records enter the public domain, the absence of sustained scrutiny has itself become part of the story.
Now In SA will continue to report on documented material, contextualise emerging records, and clearly distinguish between evidence, interpretation, and unanswered questions.
