The Financial Reporting Council of Nigeria, FRCN Monday suspended the Chairman, Stanbic IBTC Holdings Plc, Mr. Atedo Peterside, alongside its Chief Executive, Mrs. Sola David-Borha for allegedly attesting to the “misleading” 2013 and 2014 statements of financial position of the company.
Also suspended was Ayodele Othihiwa of KPMG Progessional Services for an alleged complicity in the infractions
highlighted in the financial reports for the two-year period.
Nigeria’s financial regulator also ordered Stanbic IBTC, to restate its 2013 and 2014 accounts over “misleading” disclosures relating to expenses and franchise
fees owed to its parent firm South Africa’s Standard Bank,
the watchdog said.
The Financial Reporting Council said on Monday that Stanbic IBTC had an “other operating expenses” category in its accounts for financial years 2011 to 2014 in which expense
items were not properly disclosed.
The suspension is expected to be in place “until the investigation as to the extent of their negligence in the
concealment, accounting irregularities and poor disclosures
in the said financial statements is completed in accordance with Section 62 of the Financial Reporting Council of Nigeria.
The FRC’s hammer on the bank’s top management officials
followed preliminary investigations from the review of the financial statements of Stanbic IBTC Holdings Plc, Stanbic IBTC and major subsidiaries of the holding company for the years ended 31st December 2013 and 2014, whereby material irregularities of the entities were also brought to the attention of the Council by some minority shareholders
of Stanbic IBTC relating to the bank’s financial statements for
2011, 2012, 2013 and 2014.
