FRC suspends Stanbic IBTC CEO, Chairman

Mr. Atedo Peterside, Chairman Stanbic IBTC

The Financial Reporting Council of Nigeria (FRCN) has suspended the managing director and chief executive of Stanbic IBTC Plc, Sola David-Borha and its chairman, Atedo Peterside as well as KPMG Arthur Oginga and Dr Daru Owei, calling on the Economic and Financial Crimes Commission (EFCC) to interrogate them.

This is following its investigations into the 2014 accounts of the bank where it said discrepancies in figures and disclosure were discovered.

The FRC in a statement yesterday said they remain suspended “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 Act No. 6, 2011.

Accordingly, they are not allowed to vouch the integrity of any financial statements issued in Nigeria. “However, Stanbic IBTC in a press statement jointly signed by David-Borha and its company secretary, Chidi Okezie says none of its directors have been ousted from the bank.

The bank rather, in the statement said “FRCN allegations are inaccurate and unfortunate, and the manner in which it has chosen to make them is procedurally defective.”

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