Nigerian Central Bank Rejects Sanctions on Standard Bank Arm

Updated on
  • Nigeria Financial Reporting Council didn't follow due process
  • Stanbic's shares have fallen 18% since FRC announcement

Nigeria’s central bank rejected a request by the country’s Financial Reporting Council to take disciplinary action against Standard Bank Group Ltd.’s local unit after the FRC said the lender had made material misstatements in its financial accounts and recommended a fine.

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