The Financial Reporting Council of Nigeria has
suspended the chairman of Stanbic IBTC bank,
Peterside Atedo, and other senior officials of the
bank over accounting irregularities in the bank’s
2013 and 2014 financial statements.
Mr. Atedo was suspended alongside the bank’s
managing director, Sola David-Borha, and
KPMG’s Arthur Oginga and Daru Owei.
They were suspended for attesting to
“misleading” financial statements, and would
remain suspended till investigations are
concluded, the council said in a statement
Monday.
The council pointed out several inconsistencies
in the bank’s reporting, including IBTC’s failure or
refusal to disclose what exactly millions of naira
grouped under “donations” and “others” were
used for.
In one instance, the total fee IBTC bank paid to
KPMG Professional Services for non-audit
services was found to be inconsistent with what
was disclosed in the financial statements for the
years under review, the council said.
“The Council observed that Stanbic IBTC
regularly flouts CBN regulations. In 2014 for
instance, a total penalty of N28, 000,000 was
imposed on the group.
“Stanbic IBTC seems to have a penchant for poor
disclosures which further corroborates the
findings in this report,” the statement said.
The council instructed the directors of Stanbic
IBTC to withdraw the Financial Statements of
and restate them in accordance with the
provisions of the law.