By: Henry Iyorkase, Makurdi.
Benue State Government, determined to recover its 10% holdings shares stake and other entitlements in Dangote Cement plant plc Gboko, has dragged the company as well well as five others before Investment and security Tribunal.
At the resumed hearing yesterday at the Investment Security Tribunal sitting in Abuja, the court directed to refile her case to include Dangote Industries, the Security and Exchange Commission (SEC), 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 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 and therefore would be excluded.
Chairman of the four-man panel, Amos Azi, asked the plaintiff to regularise all court processes and refile the suit with immediate effect.
The Chairman also said since the plaintiffs has withdrawn the case to refile, he directed that all parties involved should be served and adjourned the case to 12th May for substantive hearing.
The BIPC (plaintiffs) had dragged the respondents before the Investment Security Tribunal over breach of agreement entered between both parties in 2006.
The company accused the fifth respondent, Dangote Industries Limited of reneging on their agreement with the company which was supervised by the 1st respondents, SEC.
They said after several meetings, the parties finally agreed to settle the suit and terms of settlement were agreed upon and a copy of the terms to the tribunal.
They said the application became necessary to enable the tribunal to have notice of the existence of the Terms of Settlement between the 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.
The 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 Mr Amos Azi therefore, adjourned the case to 12th May for substantive hearing.