The board of Stanbic IBTC Holdings Plc, on Friday, notified the Nigerian Stock Exchange (NSE) 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.
In a statement by Chidi Okezie, its company secretary, the company informed its stakeholders that in line with the requirement of the IFRS, Stanbic IBTC Bank already “made a full provision for this judgment since 2013.”
This, it assured, means that “the payment of the judgment sum has no impact on our banking subsidiary’s current liquidity position and profitability.”
The bank’s 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 was dismissed by the apex bank, which upheld the Court of Appeal’s decision that dismissed the bank’s appeal.
The case was in 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, was dismissed on the technicality that did not address the merits of such appeal, the statement added.
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,” the statement added.