FRC of Stanbic IBTC did not follow due process—CBN

The Central Bank of Nigeria, CBN, has condemned in strong terms recent sanctions approved by the Financial Reporting Council of Nigeria, FRCN, against the board and management of Stanbic IBTC Holding, SIBTCH, saying the council did not follow due process.

 

The FRCN had, amongst others, sacked four directors of Stanbic IBTC, including its Chairman, Mr. Atedo Peterside, for alleged infractions, while also calling for the withdrawal of its financial statements for the years ended December 31, 2013 and 2014.

But in a five-page letter, dated, November, 2, 2015, and signed by the CBN Governor, Mr. Godwin Emefiele, which was obtained by Vanguard, the apex bank also said the FRCN action was capable of eroding investors’ confidence as well as causing financial instability in the system.

Ghana: Teacher absenteeism in drops to 9% – Council

Teacher absenteeism has dropped to nine per cent, the National Teaching Council, has announced.

 

 

Dr Augustine Tawiah, Executive-Director of the Council, said this is a significant improvement in a country which had over the years recorded 27 per cent teacher absenteeism.

Firefighters’ union to sue City Council Melissa Mark-Viverito, Ignored Transparency & Inclusiveness Rules

The firefighters’ union plans to sue City Council Speaker Melissa Mark-Viverito over the Council’s role in thwarting a more generous disability pension package for uniformed workers, the group said.

Uniformed Firefighters Association (UFA) President Stephen Cassidy and the union charge in the lawsuit that Council ledership ‘interfered with the legislative process.’