Aba Daily News Update

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<div style="text-align: justify;">
Justice Ibrahim Buba of a Federal High 
Court in Lagos on Wednesday barred the Financial Reporting Council of 
Nigeria from interfering with or impeding the normal operational 
activities of Stanbic IBTC Holdings Plc and its subsidiaries.</div>
<div style="text-align: justify;">
The judge also restrained the council 
from molesting or inviting the entire members of the board of directors 
of the plaintiff for interrogation.</div>
<div style="text-align: justify;">
<br /></div>
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Buba made the interlocutory injunction 
following arguments over an application to that effect by the 
plaintiff’s counsel, Prof. Fidelis Oditah (SAN).</div>
<div style="text-align: justify;">
He said the plaintiff had made a case strong enough to warrant making an order for the maintenance of the status quo.</div>
<div style="text-align: justify;">
He said the order would subsist until 
the determination of the plaintiff’s suit against the FRC and the 
National Office for Technology Acquisition and Promotion.</div>
<div style="text-align: justify;">
The suit followed the Monday suspension 
of the Chairman of Stanbic IBTC Holdings, Mr. Atedo Peterside, and three
 directors of the company, barring them from signing any financial 
statement over allegations of improper disclosures in the bank’s 
financial statement for 2013 and 2014 financial periods.</div>
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<div style="text-align: justify;">
The FRC claimed that Stanbic IBTC 
misrepresented its operational expenses by concealing important expenses
 in its financial statement.</div>
<div style="text-align: justify;">
Also suspended were the Managing 
Director/Chief Executive Officer, Stanbic IBTC, Mrs. Sola David-Borha, 
Mr. Authur Oginga and Dr. Duru Owei.</div>
<div style="text-align: justify;">
But arguing the application on Wednesday, Oditah said the FRC had been acting in excess of its powers.</div>
<div style="text-align: justify;">
He said the suspension of the 
plaintiff’s N18bn right issue by the Security and Exchange Commission, 
on the instigation of FRC, had resulted in the fall of Stanbic IBTC’s 
share price from N23 to less than N19 within a week.</div>
<div style="text-align: justify;">
The plaintiff asked the court to determine, among other things, whether FRC had the power to impose a fine of N1bn on it.</div>
<div style="text-align: justify;">
But counsel for the FRC, Chief Olusina 
Sofola (SAN), urged the court to reject the plaintiff’s application, 
saying the invitation of the plaintiff by the FRC had been overtaken by 
events.</div>
<div style="text-align: justify;">
Sofola said, “The day of the meeting has
 come and gone and they (plaintiff) did not attend. The heavens did not 
fall. They have not said they are being invited to another meeting. The 
meeting did not hold, so what is this court being asked to stop?</div>
<div style="text-align: justify;">
“As we speak now, they are carrying out 
their business. The letter does not run afoul of the law. If they feel 
we acted outside our powers, they should bring an application to 
challenge our powers. I urge My Lord to dismiss their application.”</div>
<div style="text-align: justify;">
But in his ruling, Buba said the 
plaintiff had established a case strong enough to warrant ordering the 
parties to maintain the status quo.</div>
<div style="text-align: justify;">
“The whole essence of having a court of 
law in any civilised society is to ensure that everything is done 
according to the law and not otherwise. No court will stop a statutory 
authority from performing its statutory duties.</div>
<div style="text-align: justify;">
“However, the court must emphatically 
add that where it is alleged that a statutory authority is acting ultra 
vires its statutory powers, the courts have powers and are imbued with 
jurisdiction to enquire into whether it is true or false,” Buba held.</div>
<div style="text-align: justify;">
Further proceedings have been adjourned till November 6, 2015.</div>
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Court bars FRC from interfering with Stanbic IBTC operations

Justice Ibrahim Buba of a Federal High Court in Lagos on Wednesday barred the Financial Reporting Council of Nigeria from interfer...

Court bars FRC from interfering with Stanbic IBTC operations

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