The bank attributed this to the reporting challenges it experienced with the Financial Reporting Council of Nigeria (FRC) in 2015, saying that it has been in discussions with its External Auditors about the details of the appropriate presentation of certain items in its financial statements, which are the subject of the ongoing legal proceedings.
A statement from the bank read: “We have therefore sought the approval of the NSE and the Securities and Exchange Commission to file our 2015 Audited Financial Statements outside of the time period specified by the rules as we continue to work towards the timely conclusion of our 2015 audit exercise. Our aim is to conclude all required regulatory requirements and file our audited financial statements with The Exchange on or before 31 May 2016.”
“We also feel it is necessary to mention that Stanbic IBTC Holdings was recently served with a motion on Notice filed by the FRC at the Court of Appeal seeking an Order of Injunction which relates to certain aspects of our 2015 Financial Statements. The FRC, in its application to The Court of Appeal, attached a document purported to be the “Consolidated and Separate Annual Financial Statements of Stanbic IBTC Holdings PLC for 2015.”
