NDIC to appeal IST judgment on all states Trust Bank NDIC to appeal IST judgment on all states Trust Bank
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Nigeria Deposit Insurance Corporation (NDIC) has expressed intention to appeal against a ruling of Investment and Securities Tribunal (IST) asking it to pay Winners Medical Diagnostic & Research Institute Ltd the sum of 5,000,000. 00 at two per cent interest above the CBN MRR from March 2006 when NDIC took over All States Trust Bank until the full payment of the principal sum.
IST made the order after declaring that it was wrong for the NDIC, to classify or categorise the claim for return money for un-allotted shares regulated by ISA 1999 (repealed and re-enacted as ISA 2007) and SEC Rules and Regulations made pursuant thereto as general credits ranking subordinate to private deposits of the defunct All States Trust Bank, payable only after claims for depositors liabilities have been satisfied.