Stanbic IBTC Holdings Plc pays the sum of N2.5 billion to Mr Patrick Akinkuotu and Longterm Global Capital Limited.
In a Press Release signed by Chidi Okezie Company Secretary, Stanbic IBTC Holdings PLC on Friday, notified stakeholders that its wholly-owned subsidiary, Stanbic IBTC Bank has paid the judgment sum of N2.5bn to the judgment creditors, following a Supreme Court ruling in the case of Stanbic IBTC Bank PLC vs. Longterm Global Capital Limited.
The Company disclosed that Supreme Court has dismissed its application for a review of its judgment in Appeal No: SC. 535/2013 Stanbic IBTC Bank PLC VS Longterm Global Capital and Mr. Patrick Akinkuotu. This 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.
The press released added As the litigation, has spanned a period of approximately10 years, and 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, and assure all 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.