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Stanbic IBTC appeals N1.3b judgment award

stanbicSTANBIC IBTC Bank has appealed the judgment, which ordered the bank and Starcomms to pay N1.3 billion plus interest for alleged breach of a 2008 contract.

Justice John Tsoho of the Federal High Court, Lagos, had made the ‎decision 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 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.



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