Nigeria: Standard Bank - FRC Exceeded Its Powers

31 October 2015

Standard Bank Group Limited, the South African lender that operates Stanbic IBTC Holdings Plc, has said the Financial Reporting Council of Nigeria (FRC) exceeded its powers when it ruled that the bank's West African unit had made material misstatements in its financial accounts and recommended a fine.

Lawyers had advised the bank that the FRC's notification and "an associated purported" fine against Stanbic of N1 billion don't comply with proper processes, Bloomberg quoted the Johannesburg-based bank to have said in a statement Friday.

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