Nigeria's financial regulator has given banking group Stanbic IBTC 60 days to restate 2013 and 2014 accounts after it ordered the company to withdraw them over "misleading" disclosures relating to expenses, the watchdog said.
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| Emefiele, CBN governor |
Jim Obaze, head of Nigeria's Financial Reporting Council (FRC), said it had imposed a fine of 1 billion naira ($5.03 million) on the local unit of South Africa's Standard Bank as stipulated in the regulations for inspection and monitoring of public companies.
The bank has rejected the watchdog's findings and said its books conform with international reporting standards.
"(Stanbic) has a 60-day window to restate the accounts, Obaze told Reuters.
He said that Stanbic IBTC will also have to show the difference between the past accounts and the restated statements for stakeholders to be able to assess the impact.
The FRC on Monday said the banking group had an "other operating expenses" category in its accounts for financial years 2011 through 2014, in which expense items were not properly disclosed.
The regulator said Stanbic IBTC had disclosed 6.08 billion naira in 2014 as professional fees, but this included several unrelated items that required separate disclosure to give a good understanding of their nature.
The mid-tier Nigerian lender had sought agreement to pay its parent Standard Bank an annual license fee of 151.5 million rand ($11.1 mln), which was declined.
Stanbic IBTC shares have fallen 17.6 percent since the regulator ordered the restatement on Monday. They fell 4.63 percent to 19.05 naira on Friday.
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