FRC orders Stanbic to withdraw financial statements

FRC orders Stanbic to withdraw financial statements

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The Financial Reporting Council has directed Stanbic IBTC Holdings Plc to withdraw and restate their financial statements for years ended December 31, 2013 and 2014. The regulatory body also suspended the registration of four of the company’s directors and that of it’s audit engagement partner.

Irregularities in the financial accounts of Stanbic IBTC Holdings were brought to the attention of the council by some minority shareholders

On September 7, 2015, the Securities and Exchange Commission issued a Public Notice suspending Stanbic IBTC’s Rights Issue pending the conclusion of the investigation by the Council.

After several meetings between the FRC and the financial institution, it was revealed that the total fee paid to KPMG Professional Services for non-audit services was inconsistent with what was disclosed in the financial statements for the years under review, amongst other discrepancies and regulatory breaches.

Consequently, the council has ordered the directors to withdraw their published financial statements and restate them accordingly. The council also suspended the FRC number of the directors who attested to the misleading financial statements, until the full extent of their negligence in the concealment, accounting irregularities and poor disclosures in the financial statements is completed.

Stanbic IBTC Holdings Plc is a company domiciled in Nigeria and made up of the following eight subsidiaries:

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