The Nigerian Financial Reporting Council is looking into allegations that Stanbic IBTC, a subsidiary of Standard Bank that has its own prominent private banking arm, wrongfully disclosed fees owed to its South African parent bank.

Stanbic IBTC's website notes the suspension by the Nigerian Securities and Exchange Commission of its proposed rights issue, pending the resolution of enquiries from the other regulator. The site also boasts that the bank won a Global Investor award for being the best sub-custodian in Nigeria and another award, from Emeafinance African Banking, for being the best asset-manager in Nigeria.