Why FRC Says Stanbic IBTC Has A Case To Answer

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STANBIC IBTC LOGO

The Financial Reporting Council of Nigeria (FRCN) has asked the management of Stanbic IBTC Holdings Plc to tender a written apology to it for publishing an advertorial against its recent regulatory decision on the institution.

The regulatory agency also denied knowledge of any court process on the outcome of its investigation into the bank. The FRC had on Monday released a report on Stanbic IBTC in which the bank was alleged to have misreported some aspects of its 2013 and 2014 financial statements.

The bank has since said the allegations are inaccurate. But the FRC in an advertorial published on Thursday asked Stanbic IBTC to withdraw its earlier publication against the regulatory decision.

The advertorial read, “The attention of the Financial Reporting Council has been drawn to an advertorial by Stanbic IBTC Holdings Plc of Tuesday, October 27, 2015.

The council wishes to advise the management of Stanbic IBTC to withdraw the advertorial and immediately tender a written apology to the council for the following reasons: “First, the FRC is not aware of any court process served on the council with regard to the regulatory decision issued on Stanbic IBTC on Monday, October 26, 2015.

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