February 14, (THEWILL) – The Benue Investment and Property Company (BIPC) has threatened to involve the Economic and Financial Crimes Commission (EFCC) against certain prominent sons of Benue State who allegedly colluded with Dangote Cement Company in 2006 to shortchange the Benue State Government.
Speaking at a press conference in Makurdi on Friday, BIPC’s Managing Director, Dr Raymond Asemakaha, warned that if Dangote Cement and the individuals involved fail to address the issue within seven days, the company will be forced to publicly reveal their names.
Dr Asemakaha explained that during the 2006 transaction, an agreement was reached ensuring that “Benue State/BIPC would retain at least a 10% equity stake in Dangote Cement. However, this commitment has allegedly not been honoured.
The agreement also included several other conditions: “Apart from two board seats in Benue Cement Company (BCC) Plc, Benue State was to be given the position of Deputy Managing Director and two out of the five top management positions.
“The company was expected to create policies to engage young, qualified Benue indigenes in its workforce.
“The cement sale and distribution policy was meant to promote entrepreneurship in Benue State and its catchment areas, with special emphasis on local communities to encourage participation in cement distribution.
“A policy was to be implemented to allow Benue entrepreneurs to participate in ancillary business activities such as cement transportation, haulage, and supply services.
“The company was to establish an environmental hazard management and control policy in line with industrial standards.
“Dangote Cement was also expected to retain the corporate name (Benue Cement Company Plc) and its logo, with no changes made without proper consultation with the Benue State Government.
Dr Asemakaha stated that BIPC, in adherence to due process, engaged an external solicitor to formally demand the allotment of 111,438,493 shares in satisfaction of the Terms of Settlement reached in court. Additionally, BIPC requested the payment of accrued dividends and other entitlements amounting to N65,871,293,212 as of August 1, 2024.
According to him, a letter was duly sent to Dangote Industries Headquarters, meeting all corporate governance and administrative requirements. However, as of Friday, February 14, 2025, Dangote Industries Plc has neither responded to the letters nor fulfilled the outstanding financial obligations.
Dr Asemakaha stated that, given the lack of response, Benue residents and other concerned stakeholders needed to be informed about the issue and the ongoing efforts to resolve it through legal and judicial means.
He further assured that regular updates would be provided on the progress of the case, in line with Governor Hyacinth Alia’s commitment to transparency and accountability in governance.
