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Bank challenges N4.5b breach of contract judgement

By Bartholomew Madukwe

lagos—Stanbic IBTC has approached a Court of Appeal to challenge the verdict by a Lagos High Court ordering it to pay N4.5 billion to Patrick Olayele Akinkuotu and his company, Longterm Global Capital Limited for breach of contract.

It would be recalled that Justice John Tsoho of the Lagos High Court ordered Stanbic IBTC and the second defendant in the case, Starcomms Plc, to pay interest of 10 per cent on the judgement sum per annum until the date of final liquidation.

Justice Tsoho also ordered that the 100 million units of Starcomms shares sold to the plaintiff through private placement in 2008 were improper and invalid and were thereby set aside.

The judge further ordered Starcomms to cancel forthwith from its register of shareholders the names of the plaintiffs.

In the suit filed by Akinkuotu and his company, against Stanbic IBTC in 2012, the plaintiff alleged that the bank deliberately misled them into buying shares of Starcomms (the second defendant) by misrepresenting facts and issuing false documents.

Joined as co-plaintiffs in the suit are: Mrs. Oluyinka Akinkuotu and a limited liability company, Lakeside Mews Limited.

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