Dangote Industries Plc Silent As Benue Govt. Demands N65.8bn In Accrued Dividends, Entitlements

Addressing the media weekend in Makurdi, the Managing Director of Benue Investment and Property Company, BIPC, Dr. Raymond Asemakaha cautioned that those behind the alleged undertable transaction have seven days to take steps to prevail on Dangote Industries to ensure that the rights and privileges of the state were restored.

The Managing Director said: “we would make their names available if they would not call Dangote to settle with us in the next seven days.

“If that is not done we would avail their names and do everything possible to prosecute them. We know what happened and we have documented evidence to ensure that the Benue people have justice.”

Dr. Asemakaha reeled out the terms of settlement as ordered by the court to include “that BCC ensure that Benue State/BIPC retains at least 10 percent equity holding in the company.

“That apart from the two Board seats in BCC Plc, Benue State be given the position of the Deputy Managing Director as well as two slots out of the five top management positions. There should also be a company policy to engage young qualified Benue State indigenes in the services of the Company.

“That the Cement Sale and Distribution Policy of the Company shall be structured so as to promote and encourage entrepreneurship in Benue State and the catchment area; and in this regard, special emphasis be laid on the immediate community to attract participation in the business of cement distribution.

“That the Company shall also evolve a policy to encourage our state’s teaming entrepreneurs to participate in other ancillary commercial activities of the Company like cement transportation/haulage and supply services.

“That a definite corporate policy on environmental hazard management and control be articulated by the Company in line with the industrial standard and practice.

“That Dangote undertakes to preserve the present corporate name of the Company (Benue Cement Company Plc) and its logo shall not be changed now or in the future, for whatever reason, except with proper consultation with the Government should the need arise.”

He noted that as a management and organization that placed 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.

“In furtherance of our instruction, the firm wrote the said letter and caused same to be served on Dangote Industries Headquarters in satisfaction of administrative requirements and corporate governance principles in addition to the exchange of other correspondences on the above subject matter.

“However and as at this day, Dangote Industries Plc has neither responded to the letters nor settled the outstanding entitlements. The various letters written to Dangote Industries on the above subject matter are also available for sighting and confirmation.

“It is on the basis of the foregoing that we are obliged to brief the good people of Benue State and the concerned members of the public of these developments and our efforts towards remedying the situation through legal and judicial processes.”