OBriefs Newsletter Vol1No4

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HomePublicationsO-BriefsOBriefs Newsletter Vol1No4
Investors are watching to see how the CBN and the government handle the Stanbic IBTC issue because it will say a lot about the independence of regulatory bodies in Nigeria which has been moot since the independence of CBN became relatively uncertain under the new administration.
Be that as it may, the cardinal information contained in the FRCN press statement is that there are some material misstatements in a Stanbic financial statement regarding some provisions of the International Financial Reporting Standards (IFRS). It seems to us that beyond the violation of process by FRCN, as pointed out by the CBN, it is important to ascertain the validity or not, of this particular FRCN claim against Stanbic IBTC. Instead of focusing on the key issue and the possible impact that this alleged material misstatement may have had on investors, the CBN has predominantly focused on FRCN’s overstepping of its authority.
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