Tribunal Orders BIPC To Refile Suit Against SEC, Dangote, Others

The Investment and Security Tribunal (IST) yesterday ordered the Benue Investment and Property Company Limited (BIPC) to refile its suit against the Securities and Exchange Commission (SEC), Dangote Industries, and five others.

The case, which originated in 2006, involves a breach of agreement between BIPC and Dangote Industries Limited, supervised by SEC.

Lawyer for the plaintiffs Joseph Henkyaa 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 therefore would be excluded.