The Investment and Securities Tribunal sitting in Abuja on Monday adjourned till May 12, hearing in a suit filed by the Benue Investment and Property Company Limited against the Securities and Exchange Commission, Dangote Industries Limited.
In the suit, BIPC is demanding the allotment of 111,438,493 units of shares in Dangote Industries Limited in fulfillment of a 2006 settlement, along with the payment of accrued dividends and other entitlements amounting to N65,871,293,012.30 as of August 1, 2024.
The chairman of the four-man panel, Mr. Amos Azi, granted the adjournment after the plaintiffs sought to regularise their court processes and refile the suit.
“Since the counsel for the plaintiffs has opted to withdraw the current motion in order to refile, all parties involved must be duly served,” Azi ruled. “The case is hereby adjourned to May 12 for hearing.”
When the matter was mentioned on Monday, counsel for the plaintiffs, Joseph Henkyaa, applied to withdraw a motion seeking to regularise all filings, make necessary corrections, and refile the case
He explained that while all parties in the original 2006 agreement were then legal entities, recent developments revealed that some had ceased to exist, and would therefore be excluded in the refiled suit.
BIPC had dragged the respondents to the tribunal over an alleged breach of a 2006 agreement, which had initially been settled out of court.
The first respondent, SEC, was said to have supervised the original agreement, while the fifth respondent, Dangote Industries Limited, allegedly reneged on the agreed terms.
According to BIPC, the tribunal had acknowledged the parties’ decision to settle out of court and accordingly struck out the matter on March 30, 2006.
A copy of the agreed Terms of Settlement, along with a DIL bankers’ cheque for N86,420,898.20—presented as evidence of partial compliance—was submitted to the tribunal.
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