Stanbib IBTC said it exercised its constitutional right of appeal in relation to a judgment given by the Honourable Justice John Tsoho of the Federal High Court, 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.
The bank said it believes it had legitimate basis for lodging its appeal, affirming that, as Joint Issuing House with Chapel Hill Advisory Partners Limited, it 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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