A Federal High Court sitting in Makurdi, Benue State capital has adjourned to June 19th, 2025, the matter between the Benue Investment Property Company, Ltd (BIPC) and the Nigeria Deposit Insurance Company (NDIC) over unauthorized sale of its shares.
The NDIC says it is ready to present its defense in a financial dispute related to the collapse of AllStates Trust Bank Plc, in the said lawsuit filed by the BIPC, at the Federal High Court in Makurdi, before Justice Muhammad Sadisu Abubakar.
A series of transactions which took place when the Benue Investment and Property Company Limited was a customer of the Makurdi now defunct All states trust bank led to this current dispute.
BIPC had been granted several loan facilitaties. To secure the loans the State’s investment company deposited its share certificates from some top companies but by January 2006 the Central bank revoked the banks license and BIPC’s debt stood at over 230 million naira.
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The inability of the BIPC to clear these outstanding loans led to the sale of some of its shares through a stockbroker engaged by the bank to recover their money.
Dissatisfied with this decision, the BIPC had dragged the Nigerian Deposit Insurance Corporation NDIC, the all States bank before the federal high court for alleged breach of contract.
The case was stalled due to absence of the judge at the resumption of sitting for the defendant to open their case necessitating the adjournement to 19h of June 2025.
(Editor: Anoyoyo Ogiagboviogie)
