BIPC Moves to Reclaim Stake in Dangote Cement

 Aloysius Umalo, Makurdi

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The Benue Investment and Property Company (BIPC) has initiated efforts to reclaim its holdings in Dangote Cement PLC, formerly known as Benue Cement Company PLC, in a bid to restore its historical investment ties.

Speaking to journalists on Monday in Makurdi, the Benue State capital, BIPC’s Managing Director and CEO, Dr Raymond Asemakaha, highlighted the significance of the move, citing the deep-rooted historical connections between the company, the people of Benue State, and the Nigerian government.

Dr. Asemakaha reaffirmed BIPC’s commitment to protecting its investment interests and fostering economic growth while also exploring collaborative opportunities that would benefit both the state and the cement industry.

The Managing Director delved into the historical evolution of ownership within Dangote Cement Company PLC, noting the transition from joint ownership between the Federal and Benue State Governments to the current majority control of shares by Dangote Industries.

According to Dr Asemakaha, despite these ownership shifts, BIPC continues to hold substantial stakes and is a vital shareholder in the company.

There is speculation of allegations that Dangote Industries violated takeover norms and failed to adhere to agreed-upon corporate governance standards, particularly concerning an unresolved Terms of Settlement regarding BIPC’s holdings and management positions.

The BIPC MD revealed that in a bold move by the management and organisation known for its emphasis on processes and procedures, an external solicitor had been instructed to demand the allotment of 111,438,493 units of shares from Dangote Industries.

“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.”

Additionally, he said the solicitor has been tasked with seeking payment of BIPC’s accrued dividend and other entitlements, totalling a staggering amount of Sixty Five Billion, Eight Hundred and Seventy-One Million, Two Hundred and Ninety-Three Thousand, Two Hundred and Twelve Naira and Thirty Kobo as of August 1st, 2024.

He alleged that despite attempts to address these issues and seek an amicable resolution, Dangote Industries purportedly ignored requests and did not fulfil the agreed terms.

“With such proactive measures being taken, it is clear that this organisation prioritises accountability and adherence to legal obligations, even in dealings with large industry players like Dangote Industries.

”Despite multiple letters and communications sent to Dangote Industries, there has been no response or settlement from their end thus far.”

The management of BIPC reasserted their commitment to transparency and accountability, pledging to keep the citizens of Benue State and the general public informed of any developments as they strive to uphold their rights within Dangote Cement Company PLC.

Asemakaha insisted that the ongoing legal battle underscores BIPC’s unwavering determination to safeguard their rightful holdings and entitlements within the company.

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