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CBN backs Stanbic IBTC, faults FRCN

Management of Stanbic IBTC bank is facing tough times for its publication of its 2013 and 2014 financial statements. The Financial Reporting Council of Nigeria (FRCN) accused Stanbic IBTC of accounting irregularities and subsequently suspending members of its management team.

A resolution by the Central Bank of Nigeria defends Stanbic IBTC, faulting the process of the investigation instituted by FRCN. A response by CBN Governor, Godwin Emefiele is as seen below

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