Stanbic shares fall 4.9 per cent on FRC investigation

Shares in Nigeria’s Stanbic IBTC fell 4.9 percent on Friday after the Financial Reporting Council (FRC) said it was investigating the mid-tier bank.

Stanbic IBTC shares, which are down 12.4 percent this year, fell to 22.48 naira each on the news.

The FRC is investigating Stanbic IBTC over allegedly wrongful disclosure of fees owed to its parent firm, South Africa’s Standard Bank, Jim Obaze head of the regulator said on Friday.

Obaze said the exact amount was being investigated