Stanbic IBTC Bank Disagrees with Recent Tribunal Judgment, Vows to Uphold Integrity and Pursue Legal Remedies

In recent news, Stanbic IBTC Bank PLC has found itself at the center of attention due to press reports concerning a judgment delivered by the Competition and Consumer Protection Tribunal on July 13, 2023. The case in question involves Clement Osuya vs Stanbic IBTC Bank PLC. The bank wishes to express its strong disagreement with the judgment, firmly believing that it contradicts the explicit provisions outlined in the Federal Competition and Consumer Protection Act 2018 (FCCPA) and Section 65(1)a of the Banks and Other Financial Institutions Act 2020.

Stanbic IBTC Bank holds the view that the decision reached by the Tribunal is completely unjust, inequitable, and legally incorrect. The bank firmly believes that it disregards the well-established legal framework that governs competition and consumer protection in Nigeria. Notably, the dissenting judgment of the Chairman of the Tribunal echoes the bank’s concerns, highlighting the discrepancies embedded in the majority decision. With confidence, Stanbic IBTC Bank trusts that, on appeal, the judgment will be reviewed and ultimately set aside.

Stanbic IBTC Bank reiterates its steadfast commitment to operating in accordance with all applicable laws and regulations. The bank consistently strives to provide its esteemed customers with the highest level of service while adhering to industry best practices. The judgment delivered by the Tribunal is seen as undermining the regulatory environment and potentially having far-reaching implications for the banking industry.

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In response to this development, Stanbic IBTC Bank has taken immediate action by instructing its External Counsel to file an appeal challenging the judgment. The bank firmly believes in the strength of its legal position and remains confident that the higher courts will rectify this unfortunate outcome.

Stanbic IBTC Bank assures all its valued customers, stakeholders, and the public that it remains committed to upholding the highest standards of integrity, transparency, and professionalism. While vigorously defending its rights within the legal system, the bank will continue to prioritize the best interests of its customers.

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As the legal process unfolds, Stanbic IBTC Bank will ensure regular updates are provided to its stakeholders. The bank greatly appreciates the continued support and trust that its customers have placed in it, and it remains confident that justice will ultimately prevail.

Stanbic IBTC Bank PLC recently found itself in the spotlight due to a controversial judgment delivered by the Competition and Consumer Protection Tribunal. The bank strongly disagrees with the decision, citing contradictions with existing laws and regulations. In response, Stanbic IBTC Bank is taking legal action to challenge the judgment and uphold its commitment to…

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