The brickbats between the Financial Reporting Council of Nigeria (FRCN) and Stanbic IBTC Holdings Plc over the financial institution’s audited accounts for 2013 and 2014 took a turn for the worse monday following the announcement by the council suspending the FRC Numbers of the chairman of the bank, Mr. Atedo Peterside, and its chief executive, Mrs. Sola David-Borha, and barring them forthwith from vouching for the integrity of any financial statements in Nigeria.

According to FRCN, they were suspended alongside two other directors – Mr. Arthur Oginga and Dr. Daru Owei – for attesting to the “misleading” 2013 and 2014 financial accounts of the financial holding company (Holdco).

Also suspended was Ayodele Othihiwa of KPMG Progessional Services for his firm’s alleged complicity in the infractions highlighted in the financial reports for the two-year period.

The suspension is expected to be in place “until the investigation as to the extent of their negligence in the concealment, accounting irregularities and poor disclosures in the said financial statements is completed in accordance with Section 62 of the Financial Reporting Council of Nigeria Act”.

But in a swift reaction to the suspension of their FRC numbers, Stanbic IBTC, in a statement issued by David-Borha and its company secretary Chidi Okezie, said although the matter was in court, it decided to respond to certain aspects of the report for the benefit of its stakeholders and the general public.

Stanbic IBTC termed FRCN’s allegations “inaccurate and unfortunate”, adding that the manner in which it chose to make them was procedurally defective.

“Whilst FRCN takes refuge in Regulation 21 of the Directorate of Inspection and Monitoring Guidelines Regulations 2014 for the wide publicity that it has given to its regulatory decision, Regulation 21 only applies ‘where the panel and the entity agree that accounts are to be rectified by way of revision or restatement’,” Stanbic IBTC said.

Holco maintained that this was not the case, “because Stanbic IBTC does not agree that its accounts are defective or require rectification”

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