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Bank refutes media allegations of impropriety

04 September 2015, 08:52Okoro Chinedu

Lagos – STANBIC has refuted allegations of impropriety made against it in the media.

Chidi Okezie, Company Secretary, said the bank’s attention had been drawn to an advertorial by a news organisation in which several false allegations were made.

“Ordinarily, we would not dignify the advertorial with a response because it is mischievous, borders essentially on matters which are pending in court, and it is intended to draw us into discussing our business operations on the pages of newspapers.

"However, we are constrained to respond to certain aspects of the advertorial for the benefit of our stakeholders and the general public,” said Okezie.

Okezie said Stanbic IBTC was a fully compliant and responsible corporate citizen operating in line with international best practices.

Also Read: Stanbic IBTC secures $100m loan for SMEs, energy financing

Contrary to the advertorial, the books of Stanbic IBTC represent the true and fair view of the financial performance and position of the company.

“The accruals in the books of Stanbic IBTC are in line with International Accounting Standards, “IAS 37”, which requires that provi-sions are made for liabilities and reversals effected once the liabilities are no longer payable. Stanbic IBTC has not and will not make any remittance which is subject to NOTAP approval without obtaining such approval,” Okezie said.

Okezie said Stanbic IBTC was unable to respond specifically to allegations in the advertorial that are anchored on Suit No. FHC/ABJ/CS/773/2014 and Suit No. FHC/L/CS/1155/15.

However, Stanbic IBTC wished to state that it is vigorously defending the cases and that the application filed by the Plaintiff in Suit No.

FHC/L/CS/1155/15 for an order of interlocutory injunction restraining discussion and voting on an agenda item at the Extra-ordinary General Meeting (EGM) of the company held last month in respect of the resolution for the General Mandate of members of the company to proceed with certain transactions was refused by the Federal High Court.

“Notwithstanding that the refusal of the afore-stated application paved the way for Stanbic IBTC to proceed with considering and voting on the agenda item, our Chairman in a magnanimous gesture stepped down the discussion and voting on the agenda item.” 

- CAJ News


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