Stanbic IBTC Holdings Plc on Tuesday filed a Notice of Appeal against the judgment of Justice Ibrahim Buba of the Federal High Court, which dismissed its suit against the Financial Reporting Council of Nigeria (FRC) and the National Office for Technology Acquisition and Promotion (NOTAP) for lack of merit.
Stanbic IBTC Holdings made this disclosure in a press statement it issued in Lagos.
According to the bank, it has exercised its constitutional right of appeal and lodged an appeal at the Lagos Division of the Court of Appeal.
Stanbic IBTC also stated that it has been advised by its Counsel, Fidelis Oditah (SAN) that it has a sound basis for lodging the appeal.
In his judgment, Justice Buba held that the questions raised by Stanbic IBTC regarding FRC were hypothetical and academic and he did not deal with them.
The court also held that section 7 of the NOTAP Act 1979 expresses important national public policy of Nigeria, namely to avoid the dumping of obsolete and inappropriate technology in Nigeria ! to raise revenue for the Federal Government of Nigeria.
According to Justice Buba, an agreement that seeks to circumvent the registration requirement under the NOTAP Act would not be enforced by the courts.
The bank noted that Justice Buba does not appear to have addressed the position where an agreement is submitted for registration and NOTAP fails or refuses to register or where an agreement is for a period of years and NOTAP gives approval to make payment in relation to some (but not all) of the years.
“Given that none of Stanbic IBTC’s agreements that are pending with NOTAP seeks to circumvent NOTAP Act, Stanbic IBTC awaits the written judgment to enable it to understand the decision regarding the meaning and application of section 7 of the NOTAP Act 1979 and the implications of the decision,” the bank stressed .
Source : Leadership