It’s been very difficult for the Directors of Stanbic IBTC for a while now due to questions raised over their accounting as well as book keeping regarding the bank’s financial statements for 2013 and 2014 respectively, which The Financial Reporting Council (FRC) have totally rejected and condemned. This has drawn the wrath of FRC on the bank, also attracting stringent sanctions too.
Well, information just reaching us is that, the Chairman of STANBIC IBTC HOLDINGS, Mr Atedo Peterside and three other top directors of the bank have been sanctioned and suspended from signing any financial statement on behalf of the bank due to allegations of their improper disclosure of the bank’s financial statements in 2013 and in 2014.
The Directors suspended alongside Mr Atedo Peterside are, Mrs Sola David-Borha, Mr Daru Owei and Mr Arthur Oginga.
The Financial Reporting Council have also ordered Stanbic IBTC to withdraw it’s 2013 and 2014 financial statements, insisting that they were not done in accordance with International Financial Reporting Council, (IFRC), and that makes the financial statement misleading. This sure seem to paint a dark picture for the corporate image of the company at this time.