These are unpleasant times for Stanbic IBTC. The financial power house founded by Atedo Peterside has been receiving deadly blows, and from left, right and centre, since Monday, October 26, 2015, following the shocking suspension of their Chairman, Mr. Peterside, Chief Executive Officer, Mrs. Sola David-Borha, two of their Directors, Arthur Oginga and Daru Owei. Alongside Ayodele Othihiwa of KPMG, who worked with them.
The five of them were accused of a misleading two-year financial statement by the Financial Reporting Council, FRC. And so far, the allegation has fetched them enormous bad press and injured the bank’s reputation a great deal.
Not only that, their shares and market capitalization are now being affected. For instance, between that Monday and Tuesday, October 27, their share price has fallen from N23 to N21.85. Thus, losing N1.15 kobo. Market watchers, of course, believe that the share will take more bashing in subsequent days.
Stanbic IBTC, expectedly, has been battling to extricate itself from the alleged misleading financial statement hole, but so far no respite has come its way.