Ecobank Transnational Incorporated Plc on Monday insisted there was no misstatement in its 2012 accounts.
The bank said this in its response to media reports that the Securities and Exchange Commission was investigating its reports for the 2012 financial year.
A statement from the ETI said that its results were compiled in accordance with the global reporting standards, adding that it was also endorsed by a reputable auditing company.
It said, “The ETI has responded to speculation in the media about its 2012 accounts. The 2012 consolidated accounts of the ETI were audited and certified independently by PriceWaterhouse Coopers.
“They are published under International Financial Reporting Standards. Contrary to media speculation, there was no allegation that these accounts were misstated.”
The statement stressed that the bank would cooperate with regulators in all the countries where it was operating.
“The ETI will continue to cooperate fully with any of the regulators in its 34 African markets. ETI fully subscribes to strong ethical standards and transparency and continues to value the role of regulators in all jurisdictions in which it operates,” the statement added.
SEC is investigating the ETI over an alleged misstatement of its 2012 performance.
The Communications Adviser, SEC Nigeria, Mr. Obi Adindu, confirmed this development in response to a text message sent by our correspondent.
“The regulator is on top of the issues and has engaged the authorities of Ecobank on the corporate governance and investor protection issues thrown up by the reports,” his response read.
In response to an email, the Head Media and Group Communications, Mr. Nabi Ouedraogo, said, “We are not aware of such a request from SEC and we continue to maintain a dialogue with them and to offer our cooperation.”
A Reuters report on Friday had quoted a source at SEC as saying the regulator had held meetings with Ecobank’s board directors on August 6 to discuss the issue, which was raised by a suspended former head of finance at the bank.
The report said that the source did not elaborate on what the bank was accused of misstating.
It added that Ecobank acknowledged that there was an investigation, giving no details, and said it was fully cooperating with SEC.
The source said the regulator had sent queries about Ecobank’s 2012 performance to all the directors, in line with the International Finance Corporation’s corporate governance code.
In March, Ecobank, which has operations in 32 African countries, said its 2012 profit before tax rose to its highest ever level of $348m, up by a quarter on the same period a year ago.
The initial complaint to SEC came from the bank’s suspended Head of Finance, Mr. Laurence do Rego, the source said.