The Security and Exchange Commission of Nigeria has on Tuesday notified the public of the suspension of Stanbic IBTC Holding Plc’s N20.$bn Rights Issue, pending the conclusion of investigation by the Financial Reporting Council of Nigeria into allegations of financial impropriety by the group.
The commission explained in a notice published on its website that it suspended the rights issue after it was notified of the investigation.
Read Full Statement Below:
This is to inform the investing public (particularly the shareholders of Stanbic IBTC Holding Company Plc) that the proposed rights issue earlier approved by the Commission is hereby put on hold in view of letters received from the National Office for Technology Acquisition and Promotion (NOTAP), the Central Bank of Nigeria (CBN) as well as the Financial Reporting Council (FRC). The Securities and Exchange Commission (SEC) has also been notified of an ongoing investigation by the FRC on the financial statements of Stanbic IBTC Holding Plc.
In view of these, the rights issue exercise has been suspended until proper resolution of issues raised.
7th September, 2015