A Competition and Consumer Protection (CCP) tribunal sitting in Abuja has imposed a fine of N120 million on Stanbic IBTC Bank over the failure to complete a transfer request of a customer.
A three-member tribunal, presided over by Sola Salako-Ajulo, gave the judgment on Thursday following an ex parte application filed by Deborah Solomon, a legal practitioner, on behalf of Clement Osuya (the customer).
In his petition, Osuya said the bank on two occasions failed to transfer N500,000 from his Stanbic IBTC account to his Access Bank account.
He claimed that the money was for the payment of school fees for his children.
He told the tribunal that on September 8, 2022, he filled a form under the NIS instant payment option for a transfer of N500,000.
Osuya said his Stanbic IBTC account was debited on both occasions but his Access Bank account was never credited.
He told the tribunal that the reversal on the first transaction was done after 24 hours while the second transaction was reversed after 72 hours.