Stanbic was a few days ago sanctioned by the Financial Reporting Council when it suspended its Chairman, CEO and two other directors Atedo Peterside, Sola David-Borha’ Arthur Oginga, Daru Owei respectively over the NOTAP controversy.
Stanbic did issue a blistering press release defending its actions against the FRCN. However, that did not stop them from complying with the order and subsequently issued its 9 months interim results without the signature of the CEO and Chairman. The result was signed by the Acting Chief Financial Officer and the Company Secretary, Bayo Olujobi and Chidi Okezie respectively.
Stanbic Holding directors are as follows;
Atedo N. A. Peterside con (Chairman), Sola David-Borha (Chief Executive), Dominic Bruynseels, Ifeoma Esiri, Ratan Mahtani, Sim Tshabalala, Maryam Uwais mfr
It is not quire clear if the two are legally allowed to sign official results of a company not alone that belonging to a bank. Section 343 of CAMA explains who should sign a company’s balance sheet
(1)A company’s balance sheet and every copy of it which is laid before the company in general meeting or delivered to the Commission shall be signed on behalf of the board by two of the directors of the company
(2) If a copy of the balance sheet –
(a) is laid before the company or delivered to the Commission without being signed as required by this section; or
(b) not being a copy so laid or delivered, is issued, circulated or published in a case where the balance sheet has not been signed as so required or where (the balance sheet having been so signed) the copy does not include a copy of the signature as the case may be, the company and every officer of it who is in default shall be guilty of an offence and liable on conviction to a fine of 300.
(3) A company’s profit and loss account and so far as not incorporated in its individual balance sheet or profit and loss account, any group accounts of a holding company shall be annexed to the balance sheet, and the auditors’ report and the directors’ report shall also be attached to the balance sheet.
(4) The balance sheet and the profit and loss account annexed to it shall be approved by the board of directors and signed on their behalf by two directors authorised to do so.