Financial Reporting Council (FRC) has requested that the Central Bank Nigeria (CBN) and the Economic and Financial Crime Commission (EFCC) investigate Stanbic IBTC and KPMG Professional Services for “financial misstatements.”
In a report released by the FRC yesterday, the council suspended four directors of Stanbic IBTC and KPMG Professional Services, its audit engagement partner, until their innocence is ascertained.
The four directors suspended are Atedo Peterside, Sola David-Borha, Arthur Oginga and Dare Owei.
The bank is alleged to have misstated its financial reports for the 2013-2014 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).
According to FRC, the schedules supplied to the council by Stanbic IBTC said 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.”
The bank was also alleged to have flouted a number of financial regulation, including a regular flouting of CBN regulations. “In 2014 for instance, a total penalty of N28,000,000 was imposed on the group. Among the contraventions was improper disclosure of public sector deposits in 2014,” FRC said in the report.
“Stanbic IBTC seems to have a penchant for poor disclosures which further corroborates the findings in this report.” In view of all the allegations established by the FRC, the council decided that the CBN assist by taking regulatory disciplinary actions against those expected to guarantee the integrity of the aforementioned financial statements in order to safeguard the interest of stakeholders of Stanbic IBTC.
“We are convinced that once the monies are properly accounted for and used to shore up their Tier 1 capital, the institution shall become stronger,” FRC ssid.
“The Federal Inland Revenue Service is requested to ensure that the related taxes are paid and the government is not unduly short changed.“
The EFCC is requested to assist in this effort by questioning those involved in the concealment and sale of the banking application software that was developed in Nigeria which, other than the financial implication, has also robbed Nigerians of national pride.
Extracted from Dailytimes
Things I nva known existed, I keep seeing everyday; thanks to this administration.
ReplyDeleteThere's more to this than meets the eye. KPMG can NOT be involved and Stanbic is one of the clean banks. Other banks that understate liabilities nko and executive compensation among others in financial statements. Someone is trying to take over this bank and rubbiahing the Board and its reputation is the first step.
DeleteDid you just say stanbic is one of the clean banks...plssss, stanbic and FCMB are among the top banks into money laundering in this country; as for kpmg is really don't know but for these banks
Delete...nannnaaa
Tor
ReplyDeleteI have lots of friends there. Hope they will not be affected. I just pray there is no sacking in this bank. These 4 people i know them very well.
ReplyDeleteI will continue to pray for them. Christmas is round the corner because they always give me gift. I hope my gift go still dey intact.
It is well with IBTC
a.k.a EDWIN CHINEDU AZUBUKO said...
ReplyDelete.
Change is here and thats fact..... #NowPlaying>> ije love: psquare.....
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***CURRENTLY IN JUPITER***
Sola David Borha can't be involved in this. She's innocent.
ReplyDeleteCos she is a pastor ?lolz
DeleteI have my doubts too...
Yeah. She's too good oo. She's one of the women I admire in church.
DeleteSola David Borha is a woman I admire, I don't see her condescending so low
DeleteYeah, i heard it over the radio 2 days ago. But First bank was mentioned somehow.
ReplyDeleteFinally. Thieves.
ReplyDeleteShegejagwa!
ReplyDeleteThis banking job ehn?
You can never know it all.
Ok seen!
ReplyDeleteServes them right..
ReplyDeleteSola is a Simple woman and fear God. So
ReplyDeleteVery simple. I wonder who's trying to bring her down
DeleteThey will eventually apologize because they didn't get their facts right. They just want the bank in the news unfortunately its for a bad reason.
ReplyDelete