STANBIC IBTC TO APPEAL N1.3bn COURT JUDGEMENT

Stanbic IBTC Bank last week, exercised its constitutional right of appeal in relation to a judgment given by the Honourable Justice John Tsoho of the Federal High Court, sitting in Lagos, which ordered the bank and Starcomms to pay the sum of N1.3 billion plus interest for alleged breach of a 2008 contract in a suit involving a former Group Managing Director of Afribank Nigeria Plc, Patrick Olayele Akinkuotu and his company, Long Term Global Capital Limited.

Stanbic IBTC believes it has a legitimate basis for lodging this appeal.

Stanbic IBTC affirmed its position that the bank, as Joint Issuing House with Chapel Hill Advisory Partners Limited, did not misrepresent any facts in the investor letter issued in relation to the private placement nor was such letter fraudulent.

Stanbic IBTC’s appeal is being made with the utmost respect for our judicial system and we continue to maintain that we are a law abiding corporation, operating to high ethical standards.