Stanbic IBTC has informed the Nigerian Stock Exchange, shareholders and investors that it will not be submitting its 2015 annual report within the NSE stipulated period. The bank claimed that its decision to postpone the release of its results was because of the reporting challenges experienced with the Financial Reporting Council of Nigeria (FRC) in 2015.
The FRC had last year said it was investigating Stanbic IBTC for allegedly engaging in unapproved transactions with its foreign technical partners in the last four years. This resulted in an immediate rebuttal by the bank claiming that FRCN’s allegations are inaccurate and unfortunate, and the manner in which it has chosen to make them is procedurally defective.
The spat between the two parties appears to have not taken another dimension with Stanbic IBTC now claiming that the FRCN is now in possession of a document purported to be the “Consolidated and Separate Annual Financial Statements of Stanbic IBTC Holdings PLC for 2015”. The bank claims that it does not know where the FRCN may have gotten the results from as it has not been approved by their Board. The bank claimed FRCN filed the purported results with the court of appeal requesting an injunction relating to “certain aspects” of their 2015 Financial Statements.
See the press release below;