Stanbic IBTC, FRC Resolve Dispute

By Modupe Gbadeyanka

The dispute between Financial Reporting Council of Nigeria (FRCN) and Stanbic IBTC Holdings Plc has been resolved.

The disagreement was due to Stanbic IBTC’s financial statements for 2015.

But after settling the matter, the FRC has allowed the bank to issue its financial statements and has been submitted to the Nigerian Stock Exchange (NSE).

In view of this, the FRC has lifted the suspension on Stanbic IBTC Chairman, Mr Atedo Peterside and its Chief Executive, Mrs Sola David-Borha, enabling them to sign, where applicable, audited financial statements.

In a statement to the NSE dated December 21, 2016 and signed by the company secretary, Chidi Okezie, Stanbic IBTC said following the resolution of the issue, FRC has authorised its external auditors, Messrs. KPMG Professional Services to sign the 2015 audited financial statements.

The statement, which was made available on the NSE website, read in part, “We are pleased to announce the release of the audited financial statements of Stanbic IBTC Holdings Plcfor the year ended December 31, 2015.

“This release follows our reaching an acceptable settlement with the FRC, pursuant to which the FRC has authorised our external auditors, Messrs. KPMG Professional Services to sign our 2015 audited financial statements.”

The bank said in the light of the foregoing and having received all required regulatory approvals, it would be presenting the 2015 audited financial statements to The NSE through the issuer portal for onward transmission to the market, as well as subsequent publication as required by law.