FRC, Stanbic IBTC resolves, presents FY2015, Q3 2016 financial results

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8 years ago

FINANCIAL Reporting Council (FRC) and Stanbic IBTC Holdings Plc has resolved issues as the latter eventually released its 2015 full year result as well as the financial statements of 2016 third quarter.

In a statement to the Nigerian Stock Exchange (NSE) on Thursday, Stanbic informed that the release of FY2015 financial result followed the acceptable settlement reached by both parties, thus, FRC authorised the company’s external auditors, Messrs and KPMG Professional Services to sign 2015 audited financial statements.

“In the light of the foregoing and having received all required regulatory approvals, we 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,” the statement read.

In the statement, signed by the Company Secretary, Chidi Okezie, Stanbic also confirmed that the FRC has lifted the suspension of the FRC Numbers the company’s Chairman, Mr Atedo Peterside; Chief Executive, Mrs Sola David-Borha; Chairman, Audit Committee, Dr Daru Owei and former Chief Financial Officer, Mr Arthur Oginga.

The lifting of the suspension, thus, authorised them to sign, where applicable, the audited financial statement, the statement noted.

The company however pledged its commitment towards abiding by all extant statues, rules and regulations, while appreciating its stakeholders for their support.

It will be recalled that the Financial Reporting Council of Nigeria, last year, had ordered the suspension of four past and current Stanbic IBTC Holdings Plc directors, including its chief executive officer and chairman, after accusing them of posting misleading statements over two years.

The FRC said it was investigating to establish the “extent of their negligence in the concealment, accounting irregularities and poor disclosures” in the company’s financial statements of 2013 and 2014. Stanbic denied the charges.

Stanbic IBTC had filed its suit against the FRC following the suspension of its Chairman, Mr Atedo Peterside, its Chief Executive Officer (CEO), Mrs Sola David Borha, and two other directors by the council over alleged irregularities in their financial statements for the 2013 and 2014.