A former member of the House of Representatives, Hon. Abike Dabiri-Erewa and Diamond Bank have opted for an out of court settlement in the suit she instituted against the bank.
Mrs Dabiri-Erewa, had on August 6, 2015, filed a 500 million Naira suit against the bank for publishing her name among the list of chronic debtors who have refused to liquidate their debts.
In the alleged malicious publication by Punch, the former lawmaker is said to be owing the bank about N122m.
Diamond Bank had published her picture as a Director of Thriller Endeavors, which she claims she has never heard of.
Mrs Dabiri-Erewa insists 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, Mr Clement Onwuenwunor, said that the paper is not part of the settlement talks as it has indemnity from the bank for its publication.
Counsel representing Mrs Dabiri-Erewa, Ademola Fadipe is however 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.