The Nation Newspaper

Tag: Stanbic IBTC Bank Plc

  • Stanbic IBTC offers school fees payment plan

    As schools reopen for another term following the Christmas and New Year festivities, Stanbic IBTC Bank Plc, has reassured parents and guardians of the bank’s readiness to help minimise the financial burden of paying their children/wards fees as well as maximise a stress-free payment process through its e-solution offering.

    The bank said it has a bouquet of educational payment solutions which includes Short Term Loans that are quick and easy to get, Salary Advance (SALAD) for salaried workers as well as its credit cards that parents can take advantage of at minimal cost. Others are its international money transfer solutions for payment of school fees and allowances abroad and the digital payment options.

    It added that its prepaid cards are available to load pocket money for children/wards, while the credit cards, which currently offer a 55-day interest moratorium, can be used to seamlessly pay school fees. The school fees payment solutions, according to the bank, underlines the importance it attaches to education.

    Executive Director, Personal and Business Banking Mr. Wole Adeniyi said a prosperous future for the family and the nation is hinged on the educational development of children, and that the bank is keen to offer the needed support to parents/guardians to ensure they bequeath their children this important legacy. “Stanbic IBTC appreciates the fundamental role education can and do play in transforming a society, which is why we have developed these products tailored to the needs of our customers to help them provide quality education for their children/wards,” Adeniyi said.

    “Stanbic IBTC will continue to develop products and services to support the attainment of quality education. The array of personal loan products is a fast, simple and convenient way by which customers can meet their short term financial obligations to educate their children. And the repayment terms are very convenient,” he added.

  • $1.6bn crude oil fraud: EFCC’s failure to produce witness stalls Omokore ‘s trial

    $1.6bn crude oil fraud: EFCC’s failure to produce witness stalls Omokore ‘s trial

    The prosecution’s failure to produce its witness before the Federal High Court, Abuja impeded progress yesterday in the trial of businessman, Jide Omokore and others for alleged diversion of $1.6bn proceeds of sales of Federal Government’s crude oil.

    The Economic and Financial Crimes Commission ( EFCC ) is prosecuting Omokore, his two companies – Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited – and others on a nine-count charge of criminal diversion of about $1.6bn believed to be part of proceeds of sales of petroleum products belonging to the Federal Government.

    Also named as defendants in the case are a former Managing Director of the Nigerian Petroleum Development Company ( NNPC ), Victor Briggs; a former Group Executive Director, Exploration and Production of the NNPC, Abiye Membere and a former Manager, Planning and Commercial of the NNPC, David Mbanefo.

     Former Petroleum Minister, Mrs. Diezani Alison-Madueke was also named in the case until late last year when the court struck out her name on the ground that she was listed as a defendant.

    On Wednesday, the 4th prosecution witness, a Senior Manager with Stanbic IBTC Bank Plc, Adedayo Adesanmi confirmed that the bank froze the accounts owned by two of Omokore’s companies – Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited – due to a worldwide freezing order.

    He said:“The bank got a worldwide freezing order. There were also negative press generated by the accounts and frequent invitation from security agencies because of the accounts.”

    The prosecution, led by Rotimi Jacobs (SAN) was to call another witness yesterday when Jacobs expressed his regrets to the trial judge, Justice Nnamdi Dimgba, over the failure of two scheduled witnesses to attend court on Thursday.

    He said his two witnesses that were from Lagos, were unable to make it to court yesterday despite  earlier assurances that they will attend court.

    Jacobs said one of the two witnesses was an investigative officer in the case, but was recently transferred from Abuja to Lagos.

    The trail judge, Justice Nnamdi Dimgba was uncomfortable with the turn of event and the prosecution’s failure to produce its witness.

    The judge noted that the prosecution had been dilligent in its handling of the case, but insisted that it must continue with the case.

    The judge suggested standing down the case for the witnesses to arrive to allow for progress in the case.

    At that point defence lawyers, including R.A Rabana-Lawal (SAN), Adeniyi Adegbonmire (SAN) and Tayo Oyetibo (SAN) said Jacobs had explained his difficulty to them before the commencement of proceedings.

    In view of the non-aversion of the defence to an adjournment, Justice Dimgba  reluctantly adjourned to March 1 and 2.

  • Alleged libel: Court awards N50b damages against bank

    Alleged libel: Court awards N50b damages against bank

    A Lagos High Court in Ikeja has ordered Stanbic-IBTC Bank Plc and CRC Credit Bureau Ltd to pay a stockbroking firm, Longterm Global Capital Ltd, N50billion as damages for alleged libel.

    Justice Babajide Candide-Johnson made the order after upholding Longterm Global Capital’s claim that first and second defendants Stanbic-IBTC and CRC Credit Bureau published a false allegation that the firm owed the bank N543, 030.843 which had yielded an interest of N213, 537, 753 as at October 31, 2012.

    Justice Candide-Johnson directed the defendants to publish in seven days, a retraction and apology to the claimant on the cover pages of Sunday and Monday editions of the Punch, Thisday and Guardian newspapers, in respect of the alleged false indebtedness publication.

    The judge also directed CRC Credit Bureau to immediately delete from its electronically published data bank and all other publications, all references to the alleged indebtedness of the bank’s customer to the bank.

    He further made an order of perpetual injunction restraining Stanbic-IBTC Bank PLC and CRC Credit Bureau Limited, from further publishing any other materials or details relating to the alleged indebtedness of the claimant.

    Finally, the court ordered the payment of interest on the above judgement sum at the rate of 10 percent per annum from the date of judgment until the date of the final payment by the defendants in line with the provision of Order 35 Rule 4, of High Court of Lagos State (Civil Procedure) Rules, 2012.

    In its statement of claim, Longterm Global Capital Ltd said due to the “deliberate, malicious and/or injurious falsehood” published by the defendants in relation to its credit status, it was unable to access any credit facility from all financial institutions in Nigeria,

    It averred that the defendants’ action adversely affected it’s business reputation and it had been effectively blacklisted and classified as a bad or delinquent borrower and consequently shut-out of Nigeria’s credit system.

    In urging the court to dismiss the claimant’s suit, the bank averred that it did not author the credit status report cited by the claimant but merely provided the second defendant with the status of the credit facility obtained by the claimant from it in discharge of its obligations under the guidelines for the Licensing, Operation and Regulations of Credit Bureau in Nigeria (CBN Licensing Guidelines).

    It also averred that the aforementioned information it provided to the second defendant was true and consistent with its records, and were not borne out of ill-will or malice and were not intended to disparage the claimant’s trade of business as alleged.

    Stanbic/IBTC also stated that the claimant’s indebtedness arose as a result of a credit in the sum of N600 million, by virtue of letter of offer dated March 27, 2008 adding that the said indebtedness had been subject of litigation since December 23, 2009, in a suit marked FHC/L/CS/1491/09, Re; Longterm Global Capital Limited and Patrick Akinkotu vs. Stanbic/IBTC, Appeal No. CA/L/194/2011, Stanbic IBTC Vs. Longterm Global Capital and Patrick Akinkotu.

    It added that a notice of appeal dated May 13, 2013, in respect of the matter had been filed at the Supreme Court of Nigeria on a Motion on Notice dated May 13, 2013.

    It also stated that the said indebtedness had been acknowledged in the judgment by the Federal High Court in suit number FHC/L/CS/1491/09, Re; Longterm Global Capital Limited and Patrick Akinkotu vs. Stanbic/IBTC.

  • Peterside resigns from Stanbic IBTC board

    Peterside resigns from Stanbic IBTC board

    Chairman of Stanbic IBTC Holdings Plc, Atedo Peterside has resigned from the board of the company.

    His resignation takes effect from March 31.

    In an email to directors of the company titled ‘moving on’, Peterside said “having served as the Chief Executive Officer of IBTC from inception in 1989 and all the way up until the merger that created Stanbic IBTC Bank Plc in 2007 and as Chairman thereafter, I believe this is the ideal time for me to resign from the Board and move on.”

    Stating that he is a  stickler for due process, Peterside said from April 2017, he will not be available to discuss the Nigerian operations unless required to do so by the parent board.

    ” In business terms in Nigeria, I would like to be able to concentrate largely on ANAP Business Jets Limited, which I founded a couple of years ago and where I am Chairman,” he said.