Shares in Nigeria's Stanbic IBTC jumped 4.9 percent on Wednesday after the central bank said it did not find "material misrepresentation" on the commercial lender's past books and saw no need to ask it to restate accounts.
Nigeria's Financial Reporting Council (FRC) last week gave Stanbic IBTC, the local unit of Standard Bank Group, 60 days to restate its 2013 and 2014 accounts because of what it said were "misleading" disclosures relating to expenses
Sola David-Borha, MD/CEO Stanbic IBTC bank
Nigeria's Financial Reporting Council (FRC) last week gave Stanbic IBTC, the local unit of Standard Bank Group, 60 days to restate its 2013 and 2014 accounts because of what it said were "misleading" disclosures relating to expenses, and imposed a fine of 1 billion naira ($5 million).
Stanbic IBTC shares had fallen 17.78 percent in the week since the FRC ordered the bank to restate its accounts.
