... How Court cases stalls the bank’s commitment and progress.


With 415 litigation cases hanging around its neck, Stanbic IBTC has stated that its exposure has come up to more than N268 billion in addition to other large foreign currencies in contingent liabilities at the end of the first quarter of 2024.

The Group litigation portfolio as at 31 March 2024 consisted of 415 cases and aggregate value of monetary claims against the Stanbic IBTC Group was N268,273,907,895.42 USD$4,468,675.78 and £74,284.64.


This amount, according to explanatory note provided by Stanbic IBTC Group in its first quarter of 2024 unaudited financial statement happened in the course of the financial service normal business.


On Monday, Stanbic said the group would have a date in court with the Asset Management Corporation (AMCON) for debiting its account with the apex bank.


Read full story below on www.newsextra.com.ng

https://newsextra.com.ng/2024/05/18/demola-sogunles-stanbic-ibtc-litigation-portfolio-grows-to-n268bn/