Firm Issues 7-Day Ultimatum To Dangote Cement To Honour Court Judgment

Benue State Property and Investment Company (BIPC) has issued a seven-day ultimatum to Dangote Cement Company in Gboko Local Government to honour and implement the settlement terms of the 2006 Court Judgement.

The Managing Director of BIPC, Dr Raymond Asemakaha, gave the ultimatum during a press conference in Makurdi and vowed to make public the names of Benue sons and daughters collaborating with the management of Dangote Cement to sabotage BIPC’s efforts not to get what belongs to the State.
Dr Asemakaha also enumerated the terms of settlement by the Court, including ensuring that Benue State/BIPC retains at least 10% of the equity holding in the company. Apart from the 2 Board seats in BCC Plc, Benue should also be appointed Deputy Managing Director and two slots out of the 5 top management positions.

“There should also be a company policy to engage young qualified Benue State indigenes in the services of the Company, and the Cement Sale and Distribution Policy of the Company shall be structured to promote and encourage entrepreneurship in the 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.

He said, “The Company shall also evolve a policy to encourage our State teaming entrepreneurs to participate in other ancillary commercial activities of the Company like cement transportation/haulage and supply services, as well as a definite corporate policy on environmental hazard management and control be articulated by the Company in line with the industrial standard and practice.”

“That the 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.

The MD lamented that after 19 years of the Court judgement, the management of Dangote Cement PLC has decided to wave the Court judgement and collaborate with few persons in the State at the detriment of Benue indigene

“What we are doing does not have any political undertone; it is to ensure that Dangote Cement does the right thing by honouring the 2006 Court judgement terms of settlement, and we have every evidence to prove what we are saying.

“If we can have only this 10 per cent share, which has accrued to over Sixty Five Billion, Eight Hundred and Seventy-One Million, Two Hundred and Ninety-Three Thousand, Two Hundred and Twelve Naira, we can employ over One million Benue youths roaming the streets, and this can reduce youths reactiveness and as well boost the economy of the State.”

At 49, Benue is still grappling with the issue of unemployment; we are not afraid of anybody for the move we are taking before now, we had Two major companies that were growing the economy of the State, which were Benue Brewery and Benue Cement and the absence of these two companies has caused a lot of set back for the State, at 49, we can not boast of a company that will employ 200 people at a stretch, we will continue to blow this trumpet till we get it right.

As a Management and organisation that places a high premium on processes and procedures, we briefed one of our external solicitors to write to the Management of Dangote Industries and demand the allotment of 111,438,493 units of shares in satisfaction of the Terms of Settlement that was entered into as a Judgment of the Court at the instance of Dangote Industries.

The MD said, “In addition, Dangote Cement should also pay 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.

“In furtherance of our instruction, the firm wrote the said letter and caused the 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, as of the date of this press release, 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” the MD added.