Stanbic IBTC Bank Responds to Recent Judgment by the Competition and Consumer Protection Tribunal

Stanbic IBTC Bank Responds to Recent Judgment by the Competition and Consumer Protection Tribunal

The attention of Stanbic IBTC Bank PLC has been drawn to press reports about the judgment delivered by the Competition and Consumer Protection Tribunal on 13 July 2023 in the case of Clement Osuya vs Stanbic IBTC Bank PLC. We wish to express our strong disagreement with the judgment and believe 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 decision reached by the Tribunal is completely unjust, inequitable and legally incorrect. We firmly believe it disregards the well-established legal framework governing competition and consumer protection in Nigeria. The dissenting judgment of the Chairman of the Tribunal echoes our concerns, and we are confident that it highlights the discrepancies embedded in the majority decision. We trust that on appeal, the judgment will be reviewed and ultimately set aside.

Stanbic IBTC Bank maintains a steadfast commitment to operating in accordance with all applicable laws and regulations. We always strive to provide our esteemed customers with the highest level of service, adhering to industry best practices. The judgment delivered by the Tribunal undermines the regulatory environment and could have far-reaching implications for the banking industry.

In light of this development, we have immediately instructed our External Counsel to file an appeal challenging the judgment. We firmly believe in the strength of our legal position and are confident that the higher courts will rectify this unfortunate outcome.

We assure all our valued customers, stakeholders, and the public that Stanbic IBTC Bank remains committed to upholding the highest standards of integrity, transparency, and professionalism. We will continue to prioritise the best interests of our customers while vigorously defending our rights within the legal system.

As the legal process unfolds, we will regularly update our stakeholders. We appreciate the continued support and trust that you have placed in Stanbic IBTC Bank, and we remain confident that justice will prevail.