Update: State to appeal $90 million NIB judgement debt

The state says it will appeal a Commercial Court ruling which awarded a $90 million judgement debt to Dominion Corporate Trustees Ltd, formerly Standard Trust Plc- offshore company in UK.

The court presided over by Justice Tanko, on Thursday ordered the National Investment Bank (NIB) to pay the judgement debt to the plaintiff after NIB failed to honour promissory notes worth over $60 million it issued in 2007.

The former NIB Managing Director, Daniel Gyimah, entered into a transaction with Eland International Limited in 2007 and used the Bank as guarantee.

He was criticised heavily for taking a unilateral decision without recourse to the Board of the NIB.

The promissory notes he issued were said to have been discounted with Iroko Security Company Limited for $45 million which would mature in January 2009.

The court ruled that NIB must pay with an 11 percent interest from January 30, 2009 till date of final payment.

It averred that the NIB boss did not overstep his bounds in taking the decision he did.

But a State Attorney, Dominic Ayine, told Joy News the judge’s verdict was perverse.

He said the state is ready to appeal the verdict because it did not reflect the facts as presented in court.

He also dismissed assertions the debt was against the state, explaining, the state only has majority shares in NIB but does not make it the owner of NIB.