The Central Bank of Nigeria (CBN) has rejected the request by the Financial Reporting Council of Nigeria (FRCN) that it takes disciplinary action against Stanbic IBTC Holding Company Plc (SIBTCH), saying that the council failed to follow due process in the matter.

To this end, the central bank has said it does not see any reason to advise/compel SIBTCH to comply with the sanctions meted to it by FRCN.

CBN Governor, Mr. Godwin Ifeanyi Emefiele, stated this in a five-page letter, dated November 2, 2015, which was addressed to the Executive Secretary, FRCN, Mr. Jim Obazee.

He also pointed out that as the banking sector regulator, the FRCN failed to consult with the central bank throughout the process of its investigation. According to Emefiele, the announcement by the FRCN on SIBTCH was not only capable of eroding investor confidence, but inimical to financial system stability.

FRCN had sanctioned the bank over its audited accounts for 2013 and 2014 and suspended the Financial Reporting Numbers of the bank’s chairman, Mr. Atedo Peterside, and its chief executive, Mrs. Sola David-Borha, and also barred them forthwith from vouching for the integrity of any financial statements in Nigeria.

Credit: ThisDay