The Financial Reporting Council of Nigeria (FRC) Monday suspended the Chairman of Stanbic IBTC bank, Mr. Peterside Atedo; Managing Director, Mrs. Sola David-Borha, from the bank's Board of Directors, Also suspended includes  KPMG’s Arthur Oginga and Dr. Daru Owei over accounting irregularities, and improper disclosures in the banks' 2013 and 2014 financial statements.


The FRC in a statement on Monday said they 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 Act No. 6, 2011. Accordingly, they are not allowed to vouch the integrity of any financial statements issued in Nigeria.”
The FRC also directed the directors of the bank to withdraw the financial statements of Stanbic IBTC Holdings Plc for years ended 31st December 2013 and 2014 and restate them in accordance with the law.