FRC suspends Peterside, three IBTC directors

THE Financial Reporting Council, FRC has suspended Chairman of Stanbic IBTC Holdings, Mr. Atedo Peterside, and three directors of the company from signing any financial statement, over allegations of improper disclosures in the financial statements of the bank for 2013 and 2014.
These include the Managing Director/Chief Executive of Stanbic IBTC, Mrs. Sola David-Borha, Mr. Arthur Oginga and Dr. Daru Owei.
Meanwhile,  the Council ordered directors of the bank to withdraw the company’s financial statement for the 2013 and 2014 financial year, adding  that the statements were not prepared in line with the International Financial Reporting Council (IFRS).