1 week ago
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Benue Investment and Property Company Limited (BIPC) Monday accused Dangote Industries of breaching agreements and violating corporate governance principles.
BIPC is also seeking the allocation of 111,438,493 units of shares as part of a settlement agreement with Dangote industries, as ordered by the court and demands payment of its accrued dividends and other entitlements, totaling approximately ₦65.871 billion, which have been owed since Dangote industries took over the Benue Cement Company (BCC) plc in 2005.
In a press conference held at the BIPC headquarters in Makurdi, its Managing Director, Dr. Raymond Asemakaha-CFA, stated that despite being a significant shareholder in Dangote Cement Company PLC, BIPC has been denied its entitlements.
Blueprint report that the dispute stems from the 2005 Rights Issue, which changed the ownership structure of the then Benue Cement Company PLC, now Dangote Cement Company PLC.
BIPC claims that Dangote Industries has refused to allocate 111,438,493 units of shares and pay accrued dividends and entitlements totaling N65.871 billion.
BIPC also said based on the agreement, the company is supposed to be on the Board of Dangote Cement Company Limited as Deputy Managing Director and Benue state Government should have two (2) members on the Board of Dangote Cement Company Limited.
BIPC has demanded that Dangote Industries honor the terms of settlement, which include ceding a minimum of 10% equity stakes in the company.
The company has also threatened to pursue legal action to remedy the situation and expose some of the top government officials who were complicit with Dangote
Industries during this time under consideration.
Dr. Asemakaha said the company has written severally to the Dangote group and made concerted efforts to address the breach to no avail.
“We have made concerted efforts aimed at addressing the breach complained of but to no avail as the Management of Dangote Industries has continuously treated our request with disdain.
“As a Management and organisation that places 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 Sixty Five Billion, Eight Hundred and Seventy One Million, Two Hundred and
Ninety Three Thousand, Two Hundred and Twelve Naira, Thirty Kobo as at 1st August 2024,” he noted.”
He assured the public that BIPC will continue to update them on the progress of the matter, in line with the administrative principles of transparency and accountability set by Benue State Governor, Rev. Dr. Hyacinth Iormem Alia.
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