BIPC Vs Dangote: Court Orders BIPC To Refile Suit, Fixes May 12 For Hearing

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 however applied for the withdrawal of the motion to regularise all processes, make necessary corrections and refile the suit again.

According to Henkyaa, “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, Amos Azi asked the plaintiff to regularise all court processes and refile the suit.

Azi said, since the plaintiffs have withdrawn the case to refile, all parties involved should be re-served and adjourned the case to 12th May for hearing.

Our correspondent reports that the plaintiffs had dragged the respondents before the Investment Security Tribunal over a breach of the contract agreement entered between both parties in 2006.

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.

According to the Plaintiff “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”

“This application became necessary to enable the tribunal to have notice of the existence of this Terms of Settlement between parties in this suit.”

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

It  was also reported that BIPC is demanding from Dangote the sum of N111,438,493 units of shares in honouring 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 Kobo as at 1st August 2024.

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