We didn’t Approve Franchise Agreement for Stanbic IBTC – NOTAP

Dr Dan-Azumi Ibrahim, director general, National Office for Technology Acquisition and Promotion (NOTAP) said the agency didn’t grant any management or maintenance franchise agreement for Stanbic IBTC Bank.

He stated this while speaking in a chat with journalists in Abuja, he said what the agency approved for the bank was software license agreement and not management franchise agreement.

The Financial Reporting Council of Nigeria had last Monday suspended Mr. Atedo Peterside, chairman of Stanbic IBTC Holdings, and three directors of the company from signing any financial statement, over allegations of improper disclosures in the bank’s financial statement for 2013 and 2014 financial periods.

Also suspended are the Managing Director/Chief Executive, Stabic IBTC, Mrs. Sola David-Borha, Mr. Arthur Oginga and Dr. Daru Owei.

Furthermore, the Council ordered directors of Stanbic IBTC to withdraw the company’s financial statement for the 2013 and 2014 financial year, insisting the statements were not prepared in line with the International Financial Reporting Council and hence misleading.

The FRCN claimed that Stanbic IBTC misrepresented its operational expenses by concealing important expenses in its financial statements.

Following the suspension, the Central Bank of Nigeria Governor, Mr Godwin Emefiele had written a latter to FRCN faulting the regulatory decisions of the council.