Stanbic IBTC litigation portfolio has risen to 445 cases, with claims against the Group now N486 billion as at June 30, 2025, with a major case against the Asset Management Corporation of Nigeria (AMCON) scheduled to begin trial on November 12.
The legal claims against the bank are up 614% from N68 billion in 2022, according to data compiled by MoneyCentral.
The Group litigation portfolio as at 30 June 2025 consisted of 445 cases and aggregate value of monetary claims against the Stanbic IBTC Group was N482.6 billion; USD$2,267,141.61 & GBP ÂŁ1,556.07, totaling N486 billion.
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.
Stanbic IBTC says based on present information and the assessed probability of such existing claims crystallising that the group has adequate insurance cover and / or provisions in place to meet such claims.
About 378 of the cases are at the Magistrate, High Court, Federal High Court and National Industrial Court, 57 are at the Court of Appeal level, while 10 cases are at the Supreme Court.
Meanwhile, the lender’s bad debt litigation against AMCON has been adjourned to 12 November 2025 for commencement of trial.
Stanbic IBTC Bank 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.
AMCON by a letter dated October 4, 2017 informed the Bank of its intention to reprice the loan and claw back the sum of N5.7bn, being what was alleged to be excess overpaid consideration, as a result of what was felt was an overvaluation.
Stanbic IBTC in its response to the allegation, emphatically denied the allegations and said it provided evidence to AMCON to the contrary.
Accordingly, the Bank 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, trial could not proceed as the Plaintiff’s counsel informed the court that their sole witness developed a medical emergency.
Stanbic IBTC Group made provisions of N3.28 billion towards its legal exposure as at June 2025.
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