{"id":1594,"date":"2025-01-30T09:37:01","date_gmt":"2025-01-30T09:37:01","guid":{"rendered":"https:\/\/dailyechoes.ng\/?p=1594"},"modified":"2025-01-30T09:37:01","modified_gmt":"2025-01-30T09:37:01","slug":"benue-govt-drags-ndic-to-federal-high-court-over-illegal-sell-of-shares-demands-n2-6billion-damages","status":"publish","type":"post","link":"https:\/\/dailyechoes.ng\/index.php\/2025\/01\/30\/benue-govt-drags-ndic-to-federal-high-court-over-illegal-sell-of-shares-demands-n2-6billion-damages\/","title":{"rendered":"Benue govt drags NDIC to Federal High Court over illegal sell of shares\u00a0 …Demands N2.6billion damages\u00a0"},"content":{"rendered":"
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By Henry Iyorkase, Makurdi.<\/div>\n
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The petitioner asked the court to order respondents to pay Benue State Government 2.6b\u00a0 as general damages<\/div>\n
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Benue State Government has dragged the Nigeria Deposit Insurance Corporation (NDIC) and All States Trust Bank(in-liquidation) before the Federal High Court Makurdi, over illegal sell of shares.<\/div>\n
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The case was instituted\u00a0 in 2011 through Benue Investment and Property Company BIPC Limited, and at some point BIPC could not continue because NDIC requested for out of court settlement and both parties went to Arbitration Panel in Abuja.<\/div>\n
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However, the parties\u00a0 could not resolve the matter because NDIC later preferred to continue with the case in court.<\/div>\n
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When the case came up for hearing\u00a0 , Counsel to the plaintiff, Douglas Pepe (SAN )called one of their chief witnesses, Mr Paul Agu, a former staff and MD\/CEO of the company.<\/div>\n
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At\u00a0 the\u00a0 resumed hearing\u00a0 yesterday Mr Agu told the court that the plaintiff applied for a loan facility of N550m from the Federal Mortgage Bank and pledged some of her shares to All States Bank (in -liquidation) for the Bank to guarantee the loan.<\/div>\n
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He explained that the money was to come through the liquidated bank, adding that the bank was to take her commission and stand as their guarantor before the mortgage bank.<\/div>\n
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He further added that the bank failed to meet her contractual agreements with the plaintiff and yet started deducting charges from their account.<\/div>\n
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He said the bank also failed to complete the process of opening the letter of credit as required in such cases.<\/div>\n
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Pepe through his star witness tendered 32 documents to support their position.<\/div>\n
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Among the documents tendered were bank statement of the plaintiff in All States Bank (in -liquidation) between August 1, 2002 and December 31, 2003.<\/div>\n
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He also tendered details of transfers of shares sold by the respondents and closed their case.<\/div>\n
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However, the respondents represented by Aondover Iorngee after cross examination requested for date for defence.<\/div>\n
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The plaintiffs instituted legal action over breach of contract agreement and sell of shares.<\/div>\n
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The plaintiff in the suit averred that they applied for a loan facility of N550m from the Federal Mortgage Bank and pledged some of her shares to All States Bank (in -liquidation) for the Bank to guarantee the loan.<\/div>\n
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The plaintiff further averred that the respondents who did not fulfilled her part of the contract agreements, charged them arbitrary and sold their shares placed in their custody as collateral.<\/div>\n
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They, therefore, urged the court to order the respondents to pay N2.6bn as lost income for her inability to trade with\u00a0 stocks which were pledged as collateral and has been with them since 2002.<\/div>\n
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They should also pay the shares which in 2007 were valued at over 740m at the time of transaction and appreciating to over N5.5bn in 2007.<\/div>\n
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They should also pay N99.5m being proceeds of the shares illegally sold and N62.8m being value of lost dividends and bonuses over the period.<\/div>\n
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The plaintiff therefore, asked the court to order the respondents to the Benue State Government to pay N2.6b as general damages.<\/div>\n
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The presiding judge Rufai Egbe has adjourned the case to 5th February this year for defense.<\/div>\n","protected":false},"excerpt":{"rendered":"

By Henry Iyorkase, Makurdi. The petitioner asked the court to order respondents to pay Benue State Government 2.6b\u00a0 as general damages Benue State Government has dragged the Nigeria Deposit Insurance Corporation (NDIC) and All States Trust Bank(in-liquidation) before the Federal High Court Makurdi, over illegal sell of shares. The case was instituted\u00a0 in 2011 through […]<\/p>\n","protected":false},"author":2,"featured_media":1137,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[969,511,243,968,964,967,965,966,872],"class_list":["post-1594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-adjourn","tag-court","tag-damages","tag-drag","tag-justice","tag-out-of","tag-plaintiff","tag-respondent","tag-settlement"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/1594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=1594"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/1594\/revisions"}],"predecessor-version":[{"id":1595,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/1594\/revisions\/1595"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/1137"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=1594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=1594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=1594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}