The Central Bank of Nigeria has defended Stanbic IBTC against the punitive measures taken against the commercial bank by the Financial Reporting Council of Nigeria (FRCN).

FRCN had requested that the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) investigate Stanbic IBTC and KPMG Professional Services for financial misstatements.

The FRCN claimed that Stanbic IBTC misstated its financial reports for the 2013 to 2014 fiscal year and ceded its banking application rights to Standard Bank of South Africa against the directives of National Office for Technology Acquisition and Promotion (NOTAP).

Stanbic IBTC had responded to the allegations, saying they were inaccurate and unfortunate, and the manner in which it has chosen to make them is procedurally defective.

Reacting to the back and forth, the CBN maintains that Stanbic IBTC did nothing wrong and that FRCN did not follow due process before taking action against the bank.

See below, the statement by CBN, exclusively obtained by YNaija.