The Security and Exchange Commission SEC suspended the planned right issue of Stanbic IBTC (which it had earlier approved) due to an on going investigation conducted by the Financial Reporting Council. The suspension was contained in the following press release;
This is to inform the investing public (particularly the shareholders of Stanbic IBTC Holding Company Plc) that the proposed rights issue earlier approved by the Commission is hereby put on hold in view of letters received from the National Office for Technology Acquisition and Promotion (NOTAP), the Central Bank of Nigeria (CBN) as well as the Financial Reporting Council (FRC). The Securities and Exchange Commission (SEC) has also been notified of an ongoing investigation by the FRC on the financial statements of Stanbic IBTC Holding Plc. In view of these, the rights issue exercise has been suspended until proper resolution of issues raised.
Get a copy of the Press Release Suspending Stanbic IBTC Rights Issue