Nigeria Regulator Suspends Stanbic Directors Amid Finance Probe
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Nigeria’s Financial Reporting Council ordered the suspension of four past and current Stanbic IBTC Holdings Plc directors, including its chief executive officer and chairman, after accusing them of posting misleading statements over two years.
CEO Sola David-Borha and Chairman Atedo Peterside were the two current directors of the unit of Standard Bank Group Ltd., Africa’s largest lender by assets, to be suspended, the regulator said in a statement on its website on Monday. The FRC is investigating to establish the “extent of their negligence in the concealment, accounting irregularities and poor disclosures” in the company’s financial statements of 2013 and 2014. Stanbic denied the charges.