Stanbic IBTC Holding Plc has assured investors and other stakeholders that it had made adequate provisions against the case which it recently lost at the Supreme Court to Longterm Global Capital Limited. The nation’s Apex Court mandated Stanbic IBTC Holdings to pay N2.5 billion to the Longterm Capital Limited.
In a release to stakeholders last week, Stanbic IBTC said that it lost the case at the Supreme Court on technicality as the apex court refused to address the merit in its case.
“Stanbic IBTC Holdings Plc has been advised by its wholly owned banking subsidiary, Stanbic IBTC Bank Plc, that they are aware that the 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 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 & 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 bank said in a note to investors.
At the end of the first quarter ended March 31, 2019 Stanbic IBTC Holdings announced N222.36 billion as gross earnings compared with N212.43 billion made in corresponding period in 2018. Profit before tax was N88.15 billion as against N61.17 billion same period in 2018. Profit after tax stood at N74.44 billion, representing 54 percent over N48.38 billion the company made in similar period in 2018.
Last week Friday, investors traded 10.78 million shares of Stanbic IBTC Holdings worth N431.57 million before it closed at N40 per share. Year to date, its share price is down by -16.6 percent.
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