News Editor
From Dooshima Terkura, Makurdi
The Benue Investment and Property Company, (BIPC), has commenced reclaiming of its holding and allied entitlements in the former Benue Cement Company, (BCC), now Dangote Cement Company following the Rights Issue of 2005.
The company id demand the allotment of its 111,438,493 units of shares and 10 percent equity holding in the Dangote Cement Company.
The management of BIPC is also demanding the payment of its accrued dividend and other entitlements since the takeover of the company in 2005 who he said has amounted to over N65.8billion as at August 1, 2024.
Briefing newsmen in Makurdi on Monday, BIPC Managing Director, Dr. Raymond Asemakaha explained that the latest move became necessary after the
management of Dangote Industries (owners of the Dangote Cement Company Plc) allegedly “breached all the material codes associated with takeover of a company.”
He claimed that Dangote Cement has continued to manage the affairs of the company “in violation of mutual agreement and corporate governance principles applicable to quoted companies.
“For ease of reference and clarity of purpose, the Management of Dangote Cement PLC entered into a Terms of Settlement with BIPC detailing the Company’s (BIPC’S) holdings and managerial positions as a basis for the withdrawal of Suit No. IST/APP/02/2006 filed against her at the Security and Investment Tribunal.”
He said their current efforts was informed by the failure of the management of Dangote Cement to effect the terms of the out-of-court settlement they reached “particularly the all important term to cede a minimum of 10 percent in the equity stakes of the defunct BCC Plc, now Dangote cement Plc.
“In recognition and promotion of a harmonious business relationship with our allies including but not limited to the management of Dangote Industries, we have made concerted efforts aimed at addressing the breach complained of but to no avail as the Management of Dangote
Industries has continuously treated our request with disdain.
“As a management and organization that places high premium on processes and procedures, we briefed one of our External Solicitors; to write to the Management of Dangote Industries and demand for the allotment of 111,438,493 units of shares in satisfaction of the Terms of Settlement that was entered into as Judgment of the Court at the instance of Dangote Industries.
“And in addition, the payment of BIPC’s accrued dividend and other entitlements since the takeover of the Company amounting to N65,871,293,212.30, as at
August 1, 2024.”
He called the management of Dangote cement company to effect the terms of the agreement which also includes that BIPC is to be on the board of Dangote Cement Company Limited as Deputy Managing Director, that Benue State Government shall have two members on the board of the company among others saying none of the terms have been implemented.
While pledging to update the Benue public on the outcomes of their efforts, Asemakaha vowed to expose those Government officials who were complicit with Dangote industries during the time under review.
