Stanbic IBTC pays N2.5 billion in judgement debt to a customer

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Stanbic IBTC Bank Plc a subsidiary of Stanbic IBTC Holding Plc has announced that the Bank has paid the sum of N2.5 billion to Longterm Global Capital Limited based on the judgement of the Supreme Court.

In a press release by Stanbic IBTC Holding Plc, made available to the NSE signed by the Company Secretary Chidi Okezie today 12 July 2019. The bank announced that it is aware that the Supreme Court has dismissed its application for a review an Appeal Court judgement on a case between Stanbic IBTC Bank PLC VS Longterm Global Capital and Mr Patrick Akinkuotu.

his judgment upheld the Court of Appeal’s decision that dismissed the Bank’s appeal with respect to the Federal High Court’s 2010 judgment in Suit No. FHC L/CS/1491/2009: Longterm Global Capital Limited & Mr. Patrick Akinkuotu vs Stanbic IBTC Bank PLC, on a technicality that did not address the merits of such appeal.

As this litigation, which has spanned a period of approximately 10 years, has now been brought to an end by the Supreme Court’s decision on the Bank’s application, Stanbic IBTC Bank has discharged its liability under the judgment by paying the judgment sum of N2.5 billion to the judgment creditors.

The bank further mentioned that the payment of the judgement sum will have no impact whatsoever on the banks liquidity position and profitability as the judgement sum paid to the customer has been fully provisioned for since 2013.

We would like to assure all our esteemed stakeholders that, as required by IFRS, our Banking subsidiary had made a full provision for this judgment since 2013. Accordingly, the payment of the judgment sum has no impact on our Banking subsidiary’s current liquidity position and profitability.