Benue Govt to refile case against SEC, Dangote industries, 5 others at IST

From Attah Ede, Makurdi 

The Investment and Security Tribunal (IST) sitting in Abuja on Monday directed the Benue Investment and Property Company Limited and one other to refile her suit against Security & Exchange Commission (SEC), Dangote Industries and five others. 

Counsel to the plaintiffs, Joseph Henkyaa Esq, applied for the withdrawal of the motion to regularize all processes, make necessary corrections and refile the suit. 

Henkyaa said that as of  2006 when the case was settled, all the parties were legal entities but admitted that following the court observations, it was obvious that some have ceased to exist therefore would be excluded. 

When the case came up for mention, Chairman of the four man panel, Mr. Amos Azi asked the plaintiff to regularize all court processes and refile the suit. 

Azi also said since the plaintiffs has withdrawn the case to refile, all the parties involved should be served and adjourned the case to 12th May for hearing. 

The Nations News Nigeria reports that, the plaintiffs had dragged the respondents before the Investment Security Tribunal over breach of agreement entered between both parties in 2006.

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They accused the fifth respondents, Dangote Industries Limited of reneging on their agreement with the company which was supervised by the 1st respondents, SEC. 

They said the tribunal was aware of the parties decision to settle out of court and therefore struck out the matter on 30th March, 2006.

They said after several meetings, parties finally agreed to settle the suit and terms of settlement were agreed and attached a copy of the terms to the tribunal. 

They said the application became necessary to enable the tribunal to have notice of existence of this Terms of Settlement between parties in this suit. 

The plaintiffs further said that the said terms have since been part performed by parties attached a copy of copy of  DIL bankers cheque for N86, 420, 898, 20k indicating the said part performance of the Terms of Settlement. 

Our correspondent reports that BIPC is demanding for the allotment of 111,438,493 units of shares in satisfaction of the Terms of Settlement that was entered into as Judgment of the Court at the instance of Dangote Industries 

They are also asking for the payment of BIPC’s accrued dividend and other entitlements since the takeover of the Company amounting to N65, 871, 293,012.30 (Sixty Five Billion,Eight Hundred and Seventy One Million, Two Hundred and Ninety Three Thousand, Two Hundred and Twelve Naira, Thirty Kob as at 1st August 2024.

The chairman of the panel, therefore, adjourned the case to 12th May for hearing.