By Henry Ibya, Makurdi
Investment and Security Tribunal, IST, sitting in Abuja yesterday,directed Benue Investment and Property Company Limited,BIPC,to refile its suit against the Security and Exchange Commission,SEC, Dangote Industries, and five others.
When the case came up for mention,counsel to the plaintiffs, Joseph Henkyaa applied for withdrawal of the motion to regularize all processes,make necessary corrections and refile the suit, citing changes in legal status of some parties involved.
Ruling, Chairman of the Four- man panel, Mr Amos Azi directed the plaintiffs to regularize all court processes.
He directed further that all parties involved should be served with the new processes and adjourned the case to May 12 for hearing.
It could be recalled that BIPC and one other here in referred to as plaintiffs had dragged the respondents to the tribunal over a breach of agreement entered into between both parties in 2006.
The plaintiffs according to information accused Dangote Industries of reneging on their agreement, which was supervised by SEC,although the parties had agreed to settle out of court, with terms of settlement signed and partially performed, with BIPC claiming that Dangote Industries along the line failed to fulfill its obligations.
Information available also indicates that BIPC is demanding the allotment of 111,438,493 units of shares in satisfaction of the Terms of Settlement entered into as a judgment of the court at the instance of Dangote Industries.
The company in addition is seeking payment of accrued dividends and other entitlements since the takeover of the company, amounting to N65,871,293,012.30 as of August 1, 2024.
A partial performance of the 2006 terms of agreement was demonstrated with a DIL banker’s cheque for N86,420,898.20 tendered before the court.
