From Uche Nnorom, Makurdi
The Benue Investment and Property Company, BIPC has dragged the Nigeria Deposit Insurance Corporation, NDIC and All States Trust Bank(in-liquidation) before the Federal High Court Makurdi, over illegal sale of shares.
It was learnt that the case which started in 2011 was discontinued because the NDIC requested for out of court settlement and parties went to the Arbitrartion Panel in Abuja.
However, it was later gathered that the panel could not resolve the matter because the NDIC later preferred to continue with the case in court.
When the case came up for hearing on Wednesday in Makurdi, Counsel to the plaintiff(BIPC), Douglas Pepe SAN called one of his star witnesses, Mr Paul Agu, a former staff and MD/CEO of the company.
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.
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.
Agu said the bank failed to meet her contractual agreements with the plaintiff and started deducting charges from their account.
He said the bank also failed to complete the process of opening the letter of credit as required in such case.
Pepe through his star witness tendered 32 documents to support their position.
Among the documents tendered were bank statement of the plaintiff in All States Bank (in -liquidation) between August 1, 2002 and December 31, 2003.
He also tendered details of transfers of shares sold by the respondents and closed their case.
However, the respondents represented by Aondover Iorngee after cross examination asked for date for defence.
Our correspondent reports that the plaintiff had dragged the respondents before the Federal High Court in Makurdi over breach of contract agreement and sale of shares.
The plaintiff in the suit avered 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.
