Mr. Atedo Peterside, Chairman of Stanbic IBTC Holdings Plc, has had the suspension placed on him by the Financial Reporting Council of Nigeria, FRC, lifted. Also lifted were the suspensions placed on 3 other directors of the company, Mrs. Sola David Borha, CEO; Dr. Daru Owei, Chairman, Audit Committee; and Mr. Arthur Oginga (erstwhile Chief Financial Officer).
The quartet were previously suspended by the FRC because of a dispute over the bank’s audited financial statements for 2015. However, according to Vanguard Newspapers, following an amicable resolution, the 4 directors were reinstated and allowed to sign where applicable, the audited financial statement, leading to issue of the 2015 financial statement and accounts.
In a statement to the Nigerian Stock Exchange (NSE) dated December 21, 2016 and signed by the Company Secretary, Chidi Okezie, Stanbic IBTC said following the resolution of the issue, FRC has authorized its external auditors, Messrs. KPMG Professional Services to sign the 2015 audited financial statements.