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Nigeria's central bank sees no need for Stanbic IBTC to restate accounts
November 3, 2015 / 6:37 PM / 2 years ago

Nigeria's central bank sees no need for Stanbic IBTC to restate accounts

LAGOS, Nov 3 (Reuters) - Nigeria’s central bank did not find “material mispresentation” after examining past accounts of commercial bank Stanbic IBTC and sees no need to ask it to restate them, the central bank said in a statement on Tuesday.

The statement comes after Nigeria’s Financial Reporting Council, gave Stanbic IBTC, the local unit of Standard Bank Group 60 days to restate its 2013 and 2014 accounts owing to what it said were “misleading” disclosures relating to expenses. (Reporting by Chijioke Ohuocha; Editing by Greg Mahlich)

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