February 11, (THEWILL) – Benue Investment and Property Company Limited (BIPCL) has vowed to pursue all available options to recover its outstanding equity share payment of ₦65,871,293,212.30, which Dangote Cement Company PLC has failed to settle 19 years after taking over the management of Benue Cement Company PLC, Gboko.
Managing Director/CEO of BIPC, Dr Raymond Asemakaha, who made the disclosure at a news conference in Makurdi, expressed shock that 19 years after the change of ownership as a result of the federal government privatisation policy, Dangote PLC has failed to honour its agreement with the Benue State Government, who owned joint shares with the federal government.
“Other shareholders, including the Federal Government, sold their shares. Benue State Government kept its stake equity of 10%, representing 111,4381,493 unit shares in the sum of N65,871,293,212.30 respectively.”
The BIPC Managing Director said Dangote PLC’s failure to pay the alleged amount compelled the Benue State Government to seek redress at the Industrial Tribunal, revealing that they both resolved for an out-of-court settlement.
According to him, during one of the meetings for an out-of-court settlement, it was agreed that BIPC managing shares on behalf of the Benue State Government should be included on the board of Dangote PLC as Deputy Managing Director, with two directors nominated by the Benue State government as members on the board, but lamented that non of the terms of the agreements have been honoured by the Dangote cement company.
He lamented that some citizens of the state who held high public offices in the past connived with Dangote PLC to defraud the government either in cash or property, disclosing that the names of such people would be made public in due course.
While assuring the public that BIPC will do everything possible to reclaim its stake at Dangote PLC, he appealed to the Benue people to remain calm and wait for the outcome of the steps, including the court option.
