Justice Candide-Johnson presiding over a Lagos High Court, south west Nigeria,has ordered Stanbic-IBTC bank Plc and CRC Credit Bureau limited to jointly pay the sum of N50 billion as general damages, to one of its customers, Longterm Global Capital Limited, for false, malicious and injurious publication of falsehoods against it.
Apart from the judgement sum, the judge also ordered the bank and CRC Credit Bureau Ltd that is a joint defendant in the suit filed by Longterm Global Capital Limited, to publish forthwith and not less than seven days, a retraction and apology to the claimant in the cover pages of Sunday and Monday editions of The Punch, Thisday and Guardian newspapers, in respect of the alleged false indebtedness publication of the claimant to the bank.
Justice Candide-Johnson also directed CRC Credit Bureau Limited, to immediately delete from its electronically published data bank and all other publications, all references to the alleged indebtedness of the bank’s customer to the bank.
The judge further made an order of perpetual injunction restraining Stanbic-IBTC Bank PLC and CRC Credit Bureau Limited, from further publishing any other materials or details relating to the alleged indebtedness of the claimant to the Stanbic-IBTC PLC
Finally, the court also ordered the payment of interest on the above judgement sum at the rate of 10 percent per annum from the date of judgement of the court until date of the final payment by the defendants in line with the provision of Order 35 Rule 4, of High Court of Lagos State (Civil Procedure) Rules, 2012.
The judgement of the court was sequel to a suit filed before the court by the Stock broking firm, Longterm Global Capital seeking a sum of N50 billion damages against Stanbic/IBTC Bank Limited, over an alleged breach of contract agreement, and malicious publication of non existing indebtedness.