Nigeria: CBN Clears Stanbic IBTC of FRC Allegations

3 November 2015

Nigeria's apex bank and chief regulator of the financial services sector, the Central Bank of Nigeria (CBN) has cleared Stanbic IBTC Holdings Plc and its directors of all allegations levelled against the financial services provider.

CBN's decision was communicated in a letter addressed to the Executive Secretary/Chief Executive of the Financial Reporting Council (FRC) dated 2nd November, 2015 signed by the CBN Governor, Godwin Emefiele CON, titled RE: Regulatory Decision in The Matter of Financial Statements of Stanbic IBTC Plc for Years Ended December 2013 and 2014.

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