The Central Bank of Nigeria has
defended Stanbic IBTC against the punitive measures taken against the
commercial bank by the Financial Reporting Council of Nigeria (FRCN).
FRCN had requested that the Central Bank of Nigeria (CBN) and the
Economic and Financial Crimes Commission (EFCC) investigate Stanbic IBTC
and KPMG Professional Services for financial misstatements.
The FRCN claimed that Stanbic IBTC misstated its financial
reports for the 2013 to 2014 fiscal year and ceded its banking
application rights to Standard Bank of South Africa against the
directives of National Office for Technology Acquisition and Promotion
(NOTAP).
Stanbic IBTC had responded to the allegations, saying they were inaccurate and unfortunate, and the manner in which it has chosen to make them is procedurally defective.
Reacting to the back and forth, the CBN maintains that Stanbic IBTC
did nothing wrong and that FRCN did not follow due process before taking
action against the bank.
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