Makurdi – The Federal High Court in Makurdi, under the leadership of Justice Rafael Egbe, has scheduled the next hearing for May 5th in a N2.6 billion lawsuit filed by the Benue State Investment and Property Company (BIPC) against the Nigeria Deposit Insurance Corporation (NDIC). This suit centers around the alleged illegal sale of shares by NDIC. The legal battle dates back to 2011, when BIPC initiated a case against NDIC and the now-defunct All States Trust Bank. The case was temporarily halted when NDIC sought an out-of-court settlement. However, after both parties had attempted to resolve the matter through the Arbitration Panel in Abuja with no success, NDIC withdrew from the settlement talks, opting to resume the case in court. Court Testimony and Documents Presented Douglas Pepe, SAN, who represents BIPC, called Paul Agu, the former MD/CEO of BIPC, to testify on the company’s behalf. Agu explained that BIPC had applied for a N550 million loan from the Federal Mortgage Bank. As part of the loan agreement, BIPC pledged some of its shares as collateral. However, Agu revealed that the bank failed to fulfill its contractual obligations, resulting in the deduction of charges from BIPC’s account. Moreover, the bank did not complete the necessary process for opening the letter of credit required for the loan facility. In support of BIPC’s claims, Pepe presented 32 documents, highlighting the significant impact of the bank’s failure to honor the agreement. Request for Compensation BIPC’s legal team urged the court to order NDIC to pay N2.6 billion as compensation for lost income resulting from BIPC’s inability to trade with the shares pledged as collateral. These shares, which had been with NDIC since 2002, were valued at over N740 million in 2007. By 2007, the shares had appreciated to more than N5.5 billion, according to the plaintiff. Additionally, BIPC is seeking compensation for N99.5 million in proceeds from the illegal sale of shares and N62.8 million for lost dividends and bonuses over the years. Case Continued The defense team, led by Aondover Iorngee, requested a future date to present their case. The legal proceedings will continue in May. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
Nnamdi Kanu has rejected the federal government’s request to resume his trial, emphasizing the need to respect Justice Binta Nyako’s recusal from the case. Nnamdi Kanu, the leader of the Indigenous People of Biafra (IPOB), has turned down the Nigerian federal government’s move to resume his ongoing trial. The controversy began when Justice Binta Nyako of the Federal High Court recused herself from handling Kanu’s case on September 24, following an oral request made by Kanu himself. Kanu had explicitly expressed his loss of confidence in her ability to handle his trial fairly, prompting the judge to step aside and forward the case file to the chief judge for reassignment. However, Chief Judge John Tsoho later returned the case to Justice Nyako, insisting that Kanu must submit a formal motion through a notice before the court would consider any judicial reassignment. On December 5, the prosecution counsel, Adegboyega Awomolo, addressed a letter to the Deputy Chief Registrar, requesting the court to set a date for trial resumption. In response, Kanu’s lawyer, Aloy Ejimakor, opposed the trial resumption request in a letter dated December 9. He maintained that the previous decision by Justice Nyako to recuse herself remained valid and binding, emphasizing that no formal court order had overturned her withdrawal from the case. Ejimakor further argued that continuing with the trial under the same judge could mislead the court and violate constitutional principles, as the judge had already stepped down from the case. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
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Court Grants Bail Amid Cybercrime Allegations ADO-EKITI — The Federal High Court in Ado-Ekiti has granted bail to human rights lawyer and activist, Mr. Dele Farotimi, following a 12-count cybercrime charge filed by the Inspector General of Police (IGP), Kayode Egbetokun. Justice Babs Kuewumi ruled in favor of a N50 million bail with a surety residing in Ekiti. The court also ordered Farotimi to surrender his international passport as a condition for bail. The trial is set to resume on January 29, 2025. Case Background The charges stem from a petition filed by Aare Afe Babalola, founder of Afe Babalola University, Ado-Ekiti (ABUAD), alleging defamation in Farotimi’s book, Nigeria and Its Criminal Judicial System. Farotimi was initially arraigned at a magistrate’s court before the IGP filed a fresh suit (FHC/AD/CR/104/2024) at the Federal High Court. The defense team expressed relief over the bail ruling, with counsel Ralph Nwoke commending the court’s decision. Tensions Surrounding the Trial Meanwhile, the Justice for Afe Babalola Legacy (JABL) group warned against planned protests in Ado-Ekiti regarding the legal dispute. The group, led by Chief Michael Osaloni, criticized Farotimi and his supporters for allegedly disrupting national peace through agitation. Osaloni’s Statement:“Farotimi and others are professional protesters. They turn minor issues into chaos. If they protest in Ado-Ekiti, we are prepared to face them unless stopped by the police. Actions have consequences.” Demand for Evidence The Publicity Secretary of JABL, Rotimi Opeyeoluwa, urged Farotimi to substantiate his allegations of corruption against Aare Afe Babalola, as claimed in his book. Opeyeoluwa added:“This isn’t a case of David and Goliath. We demand evidence supporting his claims. The integrity of our legal icon, Afe Babalola, must remain untarnished.” Nationwide Protests Amid the legal proceedings, activist Omoyele Sowore called for nationwide protests in Ekiti, Lagos, Abuja, and even London, further intensifying public attention on the case. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Chanel.
