The Benue State Government has dragged Dangote Cement Plant, Gboko,to court to reclaim its share holdings in the company.
The legal action was instituted through Benue Investment and Property Company Limited (BIPC) headed by it’s Managing Director, Dr Raymond Asemakaha.
Speaking during press conference on Monday in Makurdi, Benue State Capital, Asemakaha said the state is demanding allotment of 111,438, units of shares values at N65.8 billion, being the entitlements of the state accumulated shares over the years.
Asemakaha 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.”
He explained that the shares allotment 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 non was replied to the effect.
According to Asemakaha, the agreement reached in 2005 between Benue State Government and Dangote Cement plant, Deputy Managing director were supposed to have been appointed from the state as well as ten per cent equity Shares alloted to the state but non was implemented.
In his words : ” the National privatalization policy during 0lusegun 0lusegun regime spelt out unavoically then as Federal government jointly with Benue Cement Company maintaining shares were divided accordingly.
“However , implementation of privatilation policy in 2005 when Dangote Cement industry bought the lion shares everything change they reneged on all frontiers.
”For the purpose of 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 basis for the withdrawal of Suit No 1st. /APP/02/ 2006 filed against at security Tribunal:
(vitalnewsngr.com)
