Peterside resigns from Stanbic IBTC board

•Says FRC dispute delayed his exit

Chairman, Stanbic IBTC Holdings Plc, Atedo Peterside has resigned from the board of the company.

His resignation takes effect from March 31.

In an email to directors of the company, titled ‘Moving On’, Peterside said: “Having served as the Chief Executive Officer of IBTC from inception in 1989 and all the way up until the merger that created Stanbic IBTC Bank Plc in 2007 and as chairman thereafter, I believe this is the ideal time for me to resign from the Board and move on.”

Stating that he is a stickler for due process, Peterside said from April 2017, he would not be available to discuss the Nigerian operations, unless required to do so by the parent board.

“In business terms in Nigeria, I would like to be able to concentrate largely on ANAP Business Jets Limited, which I founded a couple of years ago and where I am Chairman,” he said.

Peterside said the company has a strong tradition of careful succession planning at both Stanbic IBTC and the Standard Bank Group.

“I look forward to a new chapter where my interactions with Stanbic IBTC will be exclusively from the outside and/or from Johannesburg, i.e. looking in from the outside like every other parent company’s Non-Executive does when looking at all the Group subsidiary operations across the Africa regions,” he said.

He said the firm’s protracted dispute with the Financial Reporting Council (FRC) led him to “stay on as Group Chairman in Nigeria for much longer than I would have liked, as everything was on course for my planned departure in 2015 from the Stanbic IBTC Holdings Plc Board following my appointment to the Board of Standard Bank Group Limited and The Standard Bank of South Africa Limited in August 2014.

“However several directors advised that there should be no change of guard at the top in Stanbic IBTC in the midst of such a dispute.