Our attention has been drawn to an
advertorial by the above named organization in the THISDAY Newspaper of Monday,
31 August 2015, in which it made several false allegations against Stanbic IBTC
Holdings PLC (“Stanbic IBTC”). Ordinarily, we would not dignify the advertorial
with a response because it is mischievous, borders essentially on matters which
are pending in court, and it is intended to draw us into discussing our
business operations on the pages of newspapers. However, we are constrained to
respond to certain aspects of the advertorial for the benefit of our
stakeholders and the general public:
Stanbic IBTC is a fully compliant and
responsible corporate citizen operating in line with international best
practices. Contrary to the advertorial, the books of Stanbic IBTC represent the
true and fair view of the financial performance and position of the company.
The accruals in the books of Stanbic IBTC are in line with International
Accounting Standards, “IAS 37”, which requires that provi-sions are made for
liabilities and reversals effected once the liabilities are no longer payable.
Stanbic IBTC has not and will not make any remittance which is subject to NOTAP
approval without obtaining such approval.
Our Directors are reputable Nigerian
citizens who are keen to uphold the best corporate governance practices. The
Chairman of Stanbic IBTC Holdings PLC, Mr. Atedo Peterside, was the Chairman of
the Committee on Corporate Governance of Public Companies in Nigeria which
crafted the first Code of Best Practices for Public Companies operating in
Nigeria in 2003. He continues to uphold best practice in corporate governance
on Boards of companies which he sits on.
Stanbic IBTC is unable to respond
specifically to allegations in the advertorial that are anchored on Suit No.
FHC/ABJ/CS/773/2014 and Suit No. FHC/L/CS/1155/15. However, Stanbic IBTC wishes
to state that it is vigorously defending the cases and that the application
filed by the Plaintiff in Suit No. FHC/L/CS/1155/15 for an order of
interlocutory injunction restraining discussion and voting on an agenda item at
the Extra-ordinary General Meeting (EGM) of the company held on 06 August 2015
in respect of the resolution for the General Mandate of members of the company
to proceed with certain transactions was refused by the Federal High Court.
Notwithstanding that the refusal of the afore-stated application paved the way
for Stanbic IBTC to proceed with considering and voting on the agenda item, our
Chairman in a magnanimous gesture stepped down the discussion and voting on the
agenda item.
Stanbic IBTC would like to reiterate
that it will continue to abide by the rule of law, decisions of courts of
competent jurisdiction relating to the issues, as well as decisions reached by
regulatory agencies; while upholding international best practices in executing
its business. We will simultaneously refuse to succumb to blackmail from
sponsored groups who are disrespectful of the courts and/or wish to usurp the
power of the courts.
Thank you
Chidi Okezie
Company Secretary