459 Court Cases: Stanbic IBTC Litigation Portfolio Surpasses N520bn
Stanbic IBTC Holdings now has more than N552 billion in its liquidation portfolio as the financial institution seeks legal redress in court against Asset Management Corporation.
In a disclosure, Stanbic IBTC explained that in the ordinary course of business the Group is exposed to various actual and potential claims, lawsuits and other proceedings that relate to alleged errors, omissions, breaches.
The Group litigation portfolio as at 30 September 2025 consisted of 459 cases and aggregate value of monetary claims against the Stanbic IBTC Group was N519,285,211,830.52; USD$2,267,141.61 & GBP £1,556.07.
Stanbic said the claims against the group are generally considered to have a low likelihood of success and the group is actively defending same. Management believes that the ultimate resolution of any of the proceedings will not have a significantly adverse effect on the group.
“Where the group envisages that there is a more than average chance that a claim against it will succeed, adequate provisions are raised in respect of such claim”, the bank said.
Meanwhile, Stanbic IBTC will be in court in November to settle score with the Asset Management Corporation over what the lender calls illegal deduction.
Stanbic IBTC Bank said it had in December 2012 entered into an agreement with AMCON to purchase the Eligible Assets (non-performing loan) of a client, which the Bank had classified as “doubtful”.
“AMCON confirmed its willingness to purchase the proposed Eligible Assets at a total consideration of about N10 billion, which sale/purchase was concluded in December of 2012.
“As a precondition for the sale, AMCON unequivocally stated that the pricing of the Eligible Bank Assets was subject to adjustment within twelve (12) months in line with AMCON guidelines after due diligence on information the Bank had supplied to AMCON.
“AMCON by a letter dated October 4, 2017 informed the Bank of its intention to reprice the loan and claw back the sum of N5.7 billion, being what was alleged to be excess overpaid consideration, as a result of what was felt was an overvaluation.
“The Bank in its response to the allegation, emphatically denied the allegations and provided evidence to AMCON to the contrary.
“The Bank noted that AMCON’s attempt to reprice the sold Assets, were outside the 12-month claw-back period provided in AMCON’s guidelines.
“Notwithstanding all the clarifications made by the Bank, AMCON proceeded to apply to the Central Bank of Nigeria (CBN) to debit the Bank’s account with the sum requested to be clawed back, plus possible accrued interest.
“Sequel to this, the CBN wrote to Stanbic IBTC on 31 July 2019, informing the Bank of AMCON’s request to debit the Bank’s account”.
Stanbic IBCT said it instructed its lawyers to institute a Legal action against AMCON, pursuant to which it obtained an interim injunction (ex-parte), restraining AMCON and the CBN from debiting its Account for the alleged claw-back sum.
However, the Bank subsequently discovered that AMCON had earlier filed a suit at the Federal High Court, Lagos Division on the same subject matter. Consequently, the Bank discontinued its suit against AMCON and filed a Counter-Claim against AMCON in its suit.
“When the case came up for hearing on 03 July 2024, the counsel for both parties adopted their respective issues for determination. On 04 July 2025, the trial could not proceed, as the Plaintiff’s counsel informed the court that their sole witness developed a medical emergency.
“The matter was consequently adjourned to 12 November 2025 for commencement of trial,” Stanbic IBTC explained. Market Watches as Stanbic IBTC Group CEO Inherits N50mn Fine
