N500m suit: Abike Dabiri-Erewa, Diamond Bank, agree to settle out of court

A former House of Representatives’ member, Abike Dabiri-Erewa, along with Diamond Bank, on Thursday, February 4, agreed to pursue an out of court settlement in her lawsuit against the bank.

Dabiri-Erewa had on August 6, 2015, dragged the bank to court in a N500m suit for publishing her name among the list of chronic debtors who had refused to liquidate their debts.

The report, allegedly published by Punch, claimed that Dabiri-Erewa owed the bank about N122m. Diamond Bank had published her picture as a Director of Thriller Endeavors.

The former lawmaker has remained adamant, saying she has never heard of the company. She insisted that the publication is false and it has subjected her to public ridicule and embarrassment.

In a suit filed before a Lagos High Court, sitting in Igbosere, Lagos Island, she also listed the Punch Newspapers Limited as the second defendant. When the matter came up for hearing on Thursday before Justice Abdulfattah‎ Lawal, the counsel to Diamond Bank, Chuka Agbu SAN, told the court of the moves to settle the matter out of court. He then urged the court to adjourn the matter to enable the parties conclude discussions on the process.

Outside the court, Counsel representing Punch Newspapers, Clement Onwuenwunor, said the paper is not part of the settlement talks as it has indemnity from the bank for its publication.

Counsel representing Dabiri-Erewa, Ademola Fadipe, said they were optimistic that the settlement talks will be agreeable to all parties. Justice Lawal has adjourned the matter till March 10, for a report of the settlement.