Financial Regulator Orders Stanbic IBTC to Restate Accounts

Nigeria's financial regulator has ordered Stanbic IBTC, to restate its 2013 and 2014 accounts over "misleading" disclosures relating to expenses and franchise fees owed to its parent firm South Africa's Standard Bank, the watchdog said.

The Financial Reporting Council said on Monday Stanbic IBTC had an "other operating expenses" category in its accounts for financial years 2011 to 2014 in which expense items were not properly disclosed.

Meanwhile, Stanbic IBTC says allegations are inaccurate. The bank said its financial statements complied with international standards and did not require rectification.