Business

Stanbic IBTC Holdings has met the disclosure requirements of the international financial reporting Standards.

Published

9 years ago

October 26, 2015

Stanbic IBTC Holdings was recently alleged wrongly by the financial reporting council of Nigeria, FRCN. However, the Bank has come out to address some of the issues in a press release.

Read Below:

”Our attention has been drawn to the media statements by the Financial Reporting Council of Nigeria (FRCN) in which several inaccurate and unseemly allegations were made against Stanbic IBTC Holdings PLC (“Stanbic IBTC”). Although the matter is in court, we are constrained to respond to certain aspects of the report for the benefit of our stakeholders and the general public.

FRCN’s allegations are inaccurate and unfortunate, and the manner in which it has chosen to make them is procedurally defective. Whilst FRCN takes refuge in Regulation 21 of the Directorate of Inspection and Monitoring Guidelines Regulations 2014 for the wide publicity that it has given to its regulatory decision, Regulation 21 only applies “Where the Panel and the entity agree that accounts are to be rectified by way of revision or restatement”. That is not the case here, because Stanbic IBTC does not agree that its accounts are defective or require rectification. Moreover, Regulation 27 makes clear that where a reporting entity does not accept FRCN’s position, FRCN “shall institute a legal action against the entity”. FRCN has ignored this laid down process in preference for self-help and media publicity.

The matters that FRCN alleges to be wrong are not wrong in any material respect and many are in any event not matters of financial reporting at all, but matters of business decision and judgment for Stanbic IBTC and its board of directors. For example, the decision whether to enter into a sale and lease back, whether in relation to intellectual property or any other asset, is a business decision and entirely a matter for the board of directors of Stanbic IBTC and certainly not a matter for FRCN. In the same vein, NOTAP’s refusal to register a franchise agreement does not render the agreement null or void, or indeed relieve Stanbic IBTC of its liability. It merely means that any foreign currency payment due to the foreign counterparty under the unregistered agreement cannot be remitted. Stanbic IBTC has not and will not make any remittance which is subject to NOTAP approval without obtaining such approval.

Stanbic IBTC is a very responsible organisation and fully complies with all extant laws and regulations in Nigeria and international best practices applicable to the conduct of its business, It is the only Nigerian bank that is AAA rated by Fitch. It has met the disclosure requirements of Nigerian law and international financial reporting standards applicable in Nigeria. Contrary to the media reports, the books of Stanbic IBTC have been fully disclosed and provide a true and fair view of its assets and liabilities, profits and losses, and its overall financial position.

Contrary to the media reports, the Directors of Stanbic IBTC have NOT been ousted. The directors, who are from Nigeria and elsewhere, are reputable individuals who uphold the best corporate governance practices and whose credibility, integrity and proven track record are impeccable.

Stanbic IBTC would like to reiterate that it will continue to conduct its business in compliance with extant Nigerian law and international best practices.”

Business

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

Published

7 hours ago

December 21, 2024

Sahara Weekly

Port Harcourt Refinery Stays Active: NNPC Denounces Sabotage Rumors

NNPC Debunks Shutdown Rumors, Confirms Port Harcourt Refinery Fully Operational

The Nigerian National Petroleum Company Limited (NNPC Ltd) has dismissed reports circulating in certain media outlets claiming that the Old Port Harcourt Refinery, which was re-streamed two months ago, has been shut down.

In a statement released by Olufemi O. Soneye, the Chief Corporate Communications Officer of NNPC Ltd, the company clarified that the refinery is fully operational. The statement noted that the facility’s operational status was recently verified by former Group Managing Directors of NNPC during a site inspection.

“Preparation for the day’s loading operation is currently ongoing,” the statement confirmed, emphasizing that allegations of the refinery’s shutdown are baseless and intended to create panic or artificial scarcity in the fuel market.

NNPC Ltd urged members of the public to disregard such misleading reports, labeling them as the work of those seeking to exploit Nigerians.

The Old Port Harcourt Refinery has been in operation since its re-streaming, and the company remains committed to ensuring stability in the supply of petroleum products across the country.

Business

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

Published

1 day ago

December 20, 2024

Sahara Weekly

Nigerian Banks Donate Multimillion Naira Relief Materials to Jigawa Flood Victims

In a show of solidarity, the Committee of Banks in Nigeria has extended a helping hand to victims of the September 2024 floods in Jigawa State. On Thursday, a high-profile delegation led by Dr. Oliver Alawuba, Chairman of the Committee and Group Managing Director/Chief Executive Officer of United Bank for Africa Plc (UBA), visited Dutse, the state capital, to present relief materials to the state government.

The donated items, worth several million Naira, included essential food supplies such as rice and cooking oil, along with mattresses and beverages. Dr. Alawuba highlighted that the gesture aimed to alleviate the hardship faced by flood victims and support critical institutions, especially public hospitals, in their efforts to assist those affected.

“We stand in solidarity with the people and government of Jigawa State during this difficult time. This donation is our way of expressing empathy and supporting those who have lost loved ones, properties, and livelihoods,” Dr. Alawuba stated.

The delegation included notable banking leaders such as Mr. Roosevelt Ogbonna of Access Bank Plc, Dame (Dr.) Adaora Umeoji of Zenith Bank Plc, and Dr. (Mrs.) Nneka Onyeali-Ikpe of Fidelity Bank Plc, among others. Their collective presence underscored the banking sector’s commitment to corporate social responsibility and national development.

Governor Malam Umar A. Namadi expressed profound gratitude for the donation, describing the visit as a rare and commendable act of compassion. He assured the delegation that the relief materials would be judiciously distributed to the intended beneficiaries, emphasizing the importance of partnerships in rebuilding lives and communities.

The Committee of Banks also reiterated their commitment to supporting Nigerians during emergencies, drawing attention to previous interventions, including relief efforts during the 2011 and 2013 floods, the COVID-19 pandemic, and security initiatives like the Lagos State Security Trust Fund.

This humanitarian gesture reflects the collective resolve of Nigeria’s financial institutions to foster social and economic growth, making a meaningful impact in times of need.

Bank

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Published

1 day ago

December 20, 2024

Sahara Weekly

Polaris Bank Clinches SERAS Award for Excellence in Sustainability and CSR

Polaris Bank has once again cemented its position as a leader in corporate social responsibility (CSR) by winning the prestigious Sustainability, Enterprise, and Responsibility Awards (SERAS), Africa’s foremost recognition for impactful community and sustainability initiatives.

The bank was honored at the 18th edition of the SERAS Awards, held at the Oriental Hotel in Lagos, for its unwavering dedication to sustainable development and critical community interventions across Nigeria. The organizers commended Polaris Bank for its consistent efforts to improve lives and foster growth in underserved areas.

The SERAS Awards, often regarded as the gold standard in sustainability and CSR, celebrate organizations that drive innovation and create lasting societal and environmental benefits. Polaris Bank stood out this year for its extensive portfolio of impactful projects, earning the “Best in Rural Population Integration” award.

Some of the bank’s notable initiatives include:

Sponsoring the planting of 2,000 economic trees in communities like Ajingi, Kano State.
Renovating the Ibeju-Lekki Skill Acquisition Centre and donating essential equipment.
Installing boreholes in underserved rural areas to provide clean water access.
Supporting over 15,000 indigent students in public schools with educational resources, including uniforms, sandals, and books.
Providing free breast cancer screenings to 20,000 women over a decade and supporting survivors through retreats.
Establishing hospitals and rehabilitation centers for victims of sexual violence and vocational centers for women.
Donating ICT labs to skill acquisition centers and promoting financial literacy among students.
Organizing medical outreach programs and aiding Internally Displaced Persons (IDPs).
These initiatives have not only improved living conditions but also reduced rural-to-urban migration by making communities more self-reliant and livable.

Rebuilding Community Resilience
Polaris Bank recently demonstrated its commitment to resilience by rebuilding its Sagamu branch, which was destroyed during the cash crunch riots following the Naira redesign policy. The bank fully reconstructed and re-equipped the branch, restoring critical banking services and supporting economic recovery in the community.

Commitment to Sustainability
Speaking on the award, Polaris Bank’s Managing Director, Kayode Lawal, emphasized the institution’s dedication to sustainability. “This recognition underscores our deliberate efforts to drive impactful socio-economic interventions and address the effects of climate change on our environment, economy, and people,” he said.

Lawal reiterated that for Polaris Bank, sustainability is not just a destination but a continuous journey of creating positive change.

Celebrating Africa’s Sustainability Leaders
The SERAS Awards brought together policymakers, business leaders, and global sustainability experts to celebrate organizations shaping Africa’s future through innovative solutions. Attendees used the event to connect with like-minded professionals and reaffirm a shared vision of lasting positive change across the continent.

As a trailblazer in sustainability and CSR, Polaris Bank remains steadfast in its mission to uplift communities, foster economic growth, and champion solutions to pressing societal challenges.