The Financial Reporting Council (FRC) has directed Stanbic IBTC Plc to withdraw and restate their financial statements for years ended December 31 2013 and 2014.
The Council, in a statement, also suspended the FRC registration numbers of four of its Directors who signed the misleading statement of financial positions of Stanbic IBTC Holdings Plc for the years under review, until the investigations are completed.
These persons include Atedo Peterside, Sola David Borha, Arthur Oginga and Dr. Daru Owei.
The FRC number of the audit engagement partner, Mr. Ayodele Othihiwa, was also suspended.
The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) have been requested to assist in the effort and the Federal Inland Revenue Service (FIRS) has also been requested to ensure related taxes are paid and the government is not unduly short changed.