Investment Tribunal Adjourns BIPC vs. SEC, Dangote Industries Case to May 12

The Investment and Securities Tribunal (IST) sitting in Abuja has adjourned hearing in a multi-billion naira suit filed by the Benue Investment and Property Company Limited (BIPC) against the Securities and Exchange Commission (SEC) and Dangote Industries Limited (DIL) to May 12, 2025. The adjournment followed a request by BIPC to withdraw its current motion and refile its legal processes.

Presiding over the four-member tribunal panel, Chairman Amos Azi granted the adjournment after the plaintiff’s counsel, Joseph Henkyaa, informed the court of his intention to withdraw a pending motion in order to regularize filings and submit an updated suit. The need to amend the documents stemmed from the realization that some of the legal entities involved in the original agreement from 2006 had since ceased to exist.

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BIPC Seeks Fulfillment of Share Allotment and Over ₦65 Billion in Dividends

At the core of the dispute is BIPC’s demand for the allotment of 111,438,493 units of shares in Dangote Industries Limited, as part of a settlement agreement reached in 2006. The company is also seeking the payment of accumulated dividends and other entitlements, totaling approximately ₦65.87 billion as of August 1, 2024.

The lawsuit accuses DIL of failing to fully implement the terms of the settlement despite partial compliance nearly two decades ago. BIPC submitted to the tribunal a bankers’ cheque issued by DIL for ₦86,420,898.20 as evidence of partial settlement. The cheque, dated around the time of the 2006 agreement, was part of the initial compliance before the matter was struck out by the tribunal on March 30, 2006.

Legal Twist: Parties in 2006 Agreement No Longer Exist

The complexity of the case was highlighted by the plaintiff’s counsel during Monday’s session. Joseph Henkyaa noted that while all the entities involved in the 2006 Terms of Settlement were then active legal persons, the current legal landscape has changed.

“Some of the parties no longer exist,” he told the tribunal, “and therefore need to be excluded in the new filing.”

This, he explained, made it necessary to withdraw the existing motion—which aimed to regularize documents and correct filing inconsistencies—and refile the suit in a revised format. In response, Chairman Azi ruled that all involved parties must be properly served once the new suit is refiled.

“The case is hereby adjourned to May 12 for hearing,” Azi stated.

Background of the Dispute

The origin of the matter dates back to a 2006 investment arrangement involving BIPC and Dangote Industries Limited, with the Securities and Exchange Commission acting as a supervisory entity. The dispute, initially brought before the tribunal, was struck out when the parties opted for an out-of-court settlement.

The Terms of Settlement, signed by the parties and acknowledged by the tribunal, were expected to bring the matter to a permanent close. However, BIPC now claims that DIL failed to uphold its end of the agreement in full, especially regarding the share allotment and accumulated returns.

BIPC’s position is that DIL has reneged on the deal, despite receiving financial concessions and regulatory oversight that ensured fairness during the original negotiations.

The Securities and Exchange Commission, named as the first respondent, is also under scrutiny for its role in supervising the settlement and allegedly failing to ensure full compliance.

Legal and Financial Implications

The stakes in the case are high, not just for the immediate parties but also for Nigeria’s broader investment and regulatory climate. A judgment in favor of BIPC could result in one of the largest payouts in the tribunal’s history, while also setting a precedent on the enforcement of out-of-court settlements supervised by regulatory bodies.

It may also prompt further scrutiny of past and present dealings involving major industrial players and government-backed investment firms.

Legal analysts suggest that the refiling and restructuring of the case could introduce fresh arguments and evidence that may shift the trajectory of the tribunal’s eventual ruling.

Looking Ahead to May 12

As the new hearing date approaches, legal teams for all involved parties are expected to prepare revised filings, updated legal arguments, and serve notices as directed by the tribunal. The adjournment provides a critical window for procedural corrections and a possible recalibration of the case’s legal foundation.

Until then, the financial markets, investors, and stakeholders within the regulatory framework will be watching closely, as the implications of the final ruling could echo far beyond the immediate courtroom.