Stanbic IBTC Bank has reacted to the judgment of the Competition and Consumer Protection Tribunal sitting in Abuja, which imposed a fine of N120 million on it over failure to complete a transfer request for a customer.
The imposition of the fine on Stanbic-IBTC Bank on Thursday was done by the judges via a split decision of two to one.
The bank was dragged before the Tribunal by Clement Osuya over failure to meet his request for transfer of money twice in a timely manner.
The lead judgement, delivered by Hon. Sola Salako-Ajulo, also ordered the bank to pay Osuya N1 million as cost of filing the action.
Reacting to the judgment on Friday in a statement, the Management of Stanbic IBTC Bank said: “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.
