The Financial Reporting Council of Nigeria (FRCN) has commenced investigation into an alleged illegal transactions undertaken by the Stanbic IBTC Bank Plc with its foreign technical partners in the last four years, even as the National Office for Technology Acquisition and Promotion (NOTAP), the approving agency, denied knowledge of the transactions.

The Executive Secretary and Chief Executive Officer of FRCN, Jim Obazee disclosed this during a meeting with Director General of NOTAP, Dan-Azumi Ibrahim, in Abuja on Wednesday.

According to Obazee, the investigation was as a result of various petitions by shareholders of the bank.


READ MORE: http://www.theiconng.com/stanbic-ibtc-in-trouble-over-questionable-transactions/