SEC Suspends Stanbic IBTC Rights Issue over NOTAP, Others Query

Securities and Exchange Commission (SEC) has suspended the proposed rights issue earlier approved by the Commission.

In letter to that effect, the Commission states that “this is to inform the investing public (particularly the shareholders of Stanbic IBTC Holding Company Plc) that the proposed rights issue earlier approved by the Commission is hereby put on hold in view of letters received from the National Office for Technology Acquisition and Promotion (NOTAP), the Central Bank of Nigeria (CBN) as well as the Financial Reporting Council (FRC).

The Securities and Exchange Commission (SEC) has also been notified of an ongoing investigation by the FRC on the financial statements of Stanbic IBTC Holding Plc. In view of these, the rights issue exercise has been suspended until proper resolution of issues raised.”