CBN Overrules FRC on Stanbic IBTC

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Stanbic IBTC MDThe Central Bank of Nigeria (CBN) has overruled the sanction imposed by the Financial Reporting Council of Nigeria (FRCN)  Stanbic IBTC  for alleged financial misstatement.
CBN decision was contained in a letter dated November 2, 2015 to the executive secretary/chief executive officer of FRCN.
FRCN had last week sanctioned Stanbic IBTC over its audited accounts for 2013 and 2014 and suspended the Financial Reporting Numbers of the bank’s chairman, Mr. Atedo Peterside, and its chief executive, Mrs. Sola David-Borha, and also barred them from vouching for the integrity of any financial statements in Nigeria.
FRCN also suspended two other directors – Mr. Arthur Oginga and Dr. Daru Owei – for attesting to what it termed the “misleading” 2013 and 2014 financial accounts of the bank, as well as Ayodele Othihiwa of KPMG Professional Services for his firm’s alleged complicity in the infractions highlighted in the financial reports for the two-year period.
It also imposed a fine of N1 billion on it.