Mr. Atedo Peterside, the Chairman of Stanbic IBTC and the Chief Executive Officer, Mrs. Sola David-Borha sure didn’t bargain for this.
The Financial Reporting Council of Nigeria, FRCN, just suspended them. Their offence? The two top bankers were accused of allegedly attesting to the misleading 2013 and 2014 statements of the financial position of the company.
Both of them therefore are to remain suspended ‘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.’
Equally on the same suspension boat with Peterside and David-Borha is Ayodele Othihiwa of KPMG. His, is basically, alleged complicity in the anomalies recorded in the 2013 and 2014 statements of Stanbic IBTC, which his organisation handled.