Stanbic IBTC Holdings PLC and the Financial Reporting Council of Nigeria (FRC) have amicably resolved the dispute over Stanbic IBTC’s financial statements for 2015, allowing the financial institution to issue its financial statements.
Accordingly, the FRC has lifted the suspension of the FRC numbers of the Chairman of Stanbic IBTC, Mr. Atedo Peterside and Chief Executive, Mrs. Sola David-Borha, enabling them to sign, where applicable, audited financial statements.
In a statement to the Nigerian Stock Exchange (NSE) dated 21 December 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.
The statement, which was made available on the NSE website, reads: “We are pleased to announce the release of the Audited Financial Statements of Stanbic IBTC Holdings PLC for the year ended 31 December 2015. This release follows our reaching an acceptable settlement with the Financial Reporting Council (“FRC”), pursuant to which the FRC has authorized our external auditors, Messrs. KPMG Professional Services to sign our 2015 Audited Financial Statements.
In the light of the foregoing and having received all required regulatory approvals, we would be presenting the 2015 Audited Financial Statements to The NSE through the Issuer Portal for onward transmission to the market, as well as subsequent publication as required by law.
bbIn addition to the above, we also confirm that the FRC has lifted the suspension of the FRC Numbers of the following individuals and further authorizes them where applicable, to sign our Audited Financial Statements: · Mr. Atedo N.A. Peterside CON(Chairman) · Mrs. Sola David Borha (Chief Executive) · Dr. Daru Owei (Chairman, Audit Committee) · Mr. Arthur Oginga (our erstwhile Chief Financial Officer) We thank The NSE and other stakeholders for their support and Stanbic IBTC will continue to abide by all extant Statutes; Rules and Regulations.”
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