Stanbic IBTC Bank PLC has expressed its disagreement with the judgment delivered by the Competition and Consumer Protection Tribunal on July 13, 2023, in the case of Clement Osuya vs Stanbic IBTC Bank PLC.
The bank said in a statement that the decision reached by the Tribunal is unjust, inequitable, and legally incorrect, and 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.
The bank has therefore instructed its external counsel to file an appeal challenging the judgment, and it is confident that the higher courts will rectify the outcome.
In his petition, Osuya said the bank on two occasions failed to transfer N500,000 from his Stanbic-IBTC account to his Access Bank account. The Tribunal imposed a fine of N120 million against Stanbic-IBTC Bank over the delay in the reversal of the failed transaction of one of its customers, Clement Osuya. The bank believes that the judgement undermines the regulatory environment and could have far-reaching implications for the banking industry.
Stanbic IBTC Bank maintains a steadfast commitment to operating in accordance with all applicable laws and regulations, and it will continue to prioritize the best interests of its customers while vigorously defending its rights within the legal system. The bank assures all its valued customers, stakeholders, and the public that it remains committed to upholding the highest standards of integrity, transparency, and professionalism. As the legal process unfolds, the bank will regularly update its stakeholders.