FRC Suspends Atedo Peterside, David-Borha, KPMG Partner, From Stanbic IBTC Board

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The Financial Reporting Council of Nigeria (FRCN) has suspended the Chairman, Stanbic IBTC Holdings Plc, Mr. Atedo Peterside, alongside its Chief Executive, Mrs. Sola David-Borha for allegedly attesting to the "misleading" 2013 and 2014 statements of financial position of the company.

Also suspended was Ayodele Othihiwa of KPMG Progessional Services for an alleged complicity in the infractions highlighted in the financial reports for the two-year period.

The suspension is expected to be in place "until the investigation as to the extent of their negligence in the concealment, accounting irregularities and poor disclosures in the said financial statements is completed in accordance with Section 62 of the Financial Reporting Council of Nigeria.

The FRC's hammer on the bank's top management officials followed preliminary investigations from the review of the financial statements of Stanbic IBTC Holdings Plc (Stanbic IBTC) and major subsidiaries of the holding company for the years ended 31st December 2013 and 2014, whereby material irregularities of the entities were also brought to the attention of the Council by some minority shareholders of Stanbic IBTC relating to the bank's financial statements for 2011, 2012, 2013 and 2014.

Details to follow...