Stanbic IBTC Replies Trusted Shareholders Association
RE: Advertorial by Trusted Shareholders Association
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.