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N189million Contribution Liability: ITF, NBC Reach Amicable Settlement

Industrial Training Fund ITF and Nigeria Bottling Company Limited has reached amicable settlement in respect of the N189,940,751.21arrears of contribution owed by Nigeria Bottling Company Limited. 
    By writ of summons and statement of claim dated 24th August, 2017.the ITF claim against NBC was as follows :
(a) The sum of N373,747,361.58 being the outstanding 2011-2016 verified liability in respect of the statutory training contribution in accordance with the Industrial Training Fund Act, 2011(as amended).
b.5% monthly penalty for non -payment on every month the aforementioned sum ought to have been paid from 1st day of April 2011 until the liquidation of the outstanding sum in accordance with the Industrial Training Fund Act. 
(c) Cost of this legal action. 
      2.The parties and their respective legal representative, having taken a comprehensive review of this case and having regard to the need to avoid protracted litigation and the attendant consequences, have decided to amicably settle this case without apportioning or admitting liabilities. 
    These terms of settlement are agreed to without any admission of liability on the part of the defendant.
4.The parties herein, based on the verification and reconciliation exercise mutually conducted, arrived at the sum of N104,290,434.05 as being the outstanding verified liability of the NBC to the ITF for 20011-2016 financial years aforementioned 
5.The defendant made voluntary declaration of the sum of N85,650,317.16,this voluntary declaration being in relation to the Industrial Training Fund levy on the payroll cost of international assignees that worked for the defendant during the financial years aforementioned 
6.It is understood that the aforementioned verified outstanding indebtedness of the defendant and the defendant's voluntary declaration, as captured in paragraphs 3and4 above, both of which sums cumulatively amounts to the sum of N189,940,751.21 represents the total indebtedness of the defendant to the plaintiff for the financial years 2011-2016 pursuant to the provision of the Industrial Training funds Act, 2011.
        Pursuant to the foregoing, it is hereby agreed by all parties hereto as follows:
(a) within seven working days from the date these terms are executed by both parties herein, the defendant NBC shall pay to the plaintiffs ITF the sum of N189,940,751.21 in full and final settlement of the ITF claims in this suit and/or pertaining to, connected with and relating to the defendant's 2011-2016 outstanding training contribution. 
(b) The defendant shall, within the aforementioned number of working days, pay the sum of N13,882,846.16 directly to the firm of Messers Frank Eke &co as legal costs and incidental expenses arising from and in respect of this suit. 
(c) The Plaintiff shall not, either by themselves or through their agents, representative or successor in title, however described, after the settlement of this case, institute any action or press any claims before any fora against the defendant in respect of the facts and/or circumstances which resulted in the commencement of this suit. 
(d) Except as agreed herein, the parties shall bear their respective costs in relation to the prosecution of this suit. 
(e) The parties agree to these "Terms of Settlement "as binding and same shall be entered as "Consent Judgement by the honourable court. 
      The terms of settlement was signed on behalf of Industrial Training Fund, by the head of Revenue, Inspectorate and compliance ,Stephen A. Ivarave,and their lawyer Mr Frank Eke while Chief Finance Officer of NBC  Dragons Ion,and legal Director Sade Morgan sign on behalf of the company. 
     The terms of settlement has already been adopted and endorsed as the judgement of the court,by the presiding judge, Justice Olayinka Faji.

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