Investment Tribunal orders Benue company to refile case against SEC, six others

The Investment and Securities Tribunal (IST) sitting in Abuja has directed the Benue Investment and Property Company Limited and one other party to refile their suit against the Securities and Exchange Commission (SEC), Dangote Industries, and five others.

The Chairman of the four-man panel, Mr. Amos Azi, gave the directive on Monday when the case came up for mention.

The Tribunal Chairman asked the plaintiffs to regularise all court processes and refile the suit, noting that the counsel to the plaintiffs had withdrawn the case with the intention to refile it.

He directed that all parties involved in the case be served accordingly and adjourned the matter to May 12 for hearing.

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

Henkyaa stated that as of 2006, when the case was initially settled, all parties were legal entities. However, following the court’s observations, it became clear that some entities have since ceased to exist and would therefore be excluded from the case.

It will be recalled that the plaintiffs had dragged the respondents before the Investment and Securities Tribunal over a breach of an agreement entered into by both parties in 2006.

They accused the fifth respondent, Dangote Industries Limited, of reneging on its agreement with the company—a deal that was supervised by the first respondent, SEC.

They noted that the Tribunal had been aware of the parties’ decision to settle out of court and had therefore struck out the matter on March 30, 2006.

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According to them, after several meetings, the parties finally agreed to settle the suit, and the terms of settlement were agreed upon and submitted to the Tribunal.

They added that the application became necessary to notify the Tribunal of the existence of this Terms of Settlement between the parties in the suit.

The plaintiffs further stated that the said terms had since been partially performed by the parties, and they attached a copy of a Dangote Industries Limited (DIL) banker’s cheque for ₦86,420,898.20, indicating part performance of the Terms of Settlement.

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

They are also asking for the payment of BIPC’s accrued dividends and other entitlements since the takeover of the company, amounting to ₦65,871,293,012.30 (Sixty-Five Billion, Eight Hundred and Seventy-One Million, Two Hundred and Ninety-Three Thousand, Twelve Naira, Thirty Kobo) as of August 1, 2024.