Nigeria’s Stanbic IBTC settles Longterm Global lawsuit with N2.5 billion

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Nigeria’s Stanbic IBTC Holdings PLC said its lending subsidiary, Stanbic IBTC Bank Plc has paid the sum of N2.5 billion to settle a judgment against it.

The sum is an equivalent of $6.9 million using real-time exchange rate.

In a statement issued to the Nigerian Stock Exchange, the group said the Supreme Court of Nigeria 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.

The group said the judge 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 company said.

Stanbic said in the statement that “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.”