STANDARD Bank subsidiary Stanbic IBTC has obtained injunctions barring the Financial Reporting Council (FRC) of Nigeria from taking action against it, including exacting a $5m fine, for alleged accounting breaches. It is also appealing against a court ruling that failed to overturn a council decision."Stanbic IBTC has exercised its constitutional right of appeal in relation to this matter," bank spokesman Nkiru Olumide-Ojo said on Wednesday."It also obtained injunctions that restrain the FRC from enforcing its regulatory decision or interfering in the operations of Stanbic … and its subsidiaries, pending the outcome of this appeal," Ms Olumide-Ojo said.Stanbic is a 53.25%-held subsidiary of Standard Bank.The injunction means that the council cannot enforce its October decision to prevent Stanbic CEO Sola David-Borha and chairman Atedo Peterside from signing off financial statements, a decision it made after uncovering irregularities.These included the sale of software to Standard Ba...
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