Stanbic IBTC shares fell for the third day running as investors continued to dump the shares amidst the controversy with the Financial Reporting Council of Nigeria (FRCN). The stock lost 7.5% of Wednesday making it the third straight day of losses since the FRCN announced that it was investigating the bank for engaging in unapproved transactions with its foreign technical partners in the last four years. It lost 4.9% on Tuesday and another 5% on Monday. The bank has now shed about 17% in the last three days alone.
Stanbic IBTC rights issue was also suspended in September by the Security and Exchange Commission citing investigations currently being carried out by National Office for Technology Acquisition and Promotion (NOTAP), CBN and the FRCN.
Stanbic as at Wednesday was yet to release its 2015 9 Months results. The share price closed at N19.20 and has lost 29% in value this year alone.