The Financial Reporting Council of Nigeria(FRC) has appealed against the ruling of a Federal High Court, Lagos barring it from interfering with the activities of Stanbic IBTC Holdings (SIBTCH) Plc.
The Court presided over by Honourable Justice Ibrahim Buba last Wednesday granted the prayers of the plaintiffs (SIBTCH) including an interlocutory injunction restraining FRC and its officials from “interfering with or otherwise impending, obstructing, molesting,harassing or hindering” the plaintiffs’ operations.
The FRC suspended the registration numbers of Atedo Peterside, the Chairman of Stanbic IBTC Holdings Plc, Sola David-Borha, the managing director of the bank as well as two other employees of the bank.
It also fined Stanbic IBTC while ordering the bank to withdraw and restate its financial statements.
In the FRC’s notice of appeal filed on Thursday by its counsel, Idowu Sofola & Co, the Council stated that the court erred in law by allowing the plaintiffs to amend their originating summons in such a way that introduced new matters, thereby breathing life into a dead issue.