The Benue State Government through the Benue Investment and Property Company (BIPC) has dragged the Dangote Cement Plant, Gboko, to court to reclaim its shareholdings in the company.
At a press conference on Monday in Makurdi, Benue State Capital, Dr. Raymond Asemakaha said the state is demanding allotment of 111,438, units of shares valued at N65.8 billion, being the entitlements of the state-accumulated shares over the years.
He said the state will explore all legal means to ensure “our entitlement is reclaimed hence Dangote Cement PLC is indisposed to show commitment to the case.”
Asemakaha explained that the allotment of the shares dated back to 2005, saying that Dangote Cement Company consciously refused to own up to its obligation.
He said several letters were written to Dangote Industries in respect of the matter, ironically none was replied to the effect.
According to Asemakaha, the agreement reached in 2005 between the Benue State Government and the Dangote Cement plant, a Deputy Managing director was supposed to have been appointed from the state as well as ten percent equity Shares allotted to the state but none was implemented.
He said: “The National privatization policy during 0lusegun 0lusegun regime spelled out unavoidably then as Federal government jointly with Benue Cement Company maintaining shares were divided accordingly.
“However, implementation of the privatization policy in 2005 when the Dangote Cement industry bought the lion shares everything changed they reneged on all frontiers.
”For reference and clarity in respect to Dangote Cement PLC in 2006 entered into a Terms of Settlement with BIPC detailing the holdings and managerial positions as a basis for the withdrawal of Suit No 1st. /APP/02/ 2006 filed against at security Tribunal.
