By Chris Agabi
The Benue Investment and Property Company Limited (BIPC) has told Dangote Cement Company to respect an earlier judgement by the Investments & Securities Tribunal (IST) mandating Dangote to Cede certain rights to BIPC
Recall Dangote Cement Company had bought the majority shares in Benue Cement Company BCC). At the time of the Rights Issue in 2005, BIPC held significant shares in BCC on behalf of the Benue State Government.
Addressing journalists in Makursi in Friday, Dr. Raymond Asemakaha-CFA
Managing Director, BIPC, said BIPC as per the IST judgement, BIPC still has equity holding in Dangote Cement as well as other benefits.
According to him, the court had ruled that:
i. BCC ensure that Benue State/BIPC retains at least 10% equity holding in the company.
ii. That apart from the 2 Board seats in BCC Plc, Benue State be given the position of the Deputy Managing Director as well as 2 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.
iii. 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.
V. That 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.
vi. That a definite corporate policy on environmental hazard management and control be articulated by the Company in line with the industrial standard and practice.
vii. 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 need arise.
Based on the above, the MD said BIPC briefed one of its 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, 293,012.30 (Sixty Five Billion,Eight Hundred and Seventy One Million, Two Hundred and Ninety Three Thousand, Two Hundred and Twelve Naira, Thirty Kob as at 1st August 2024.
He confirmed that Dangote Industries Headquarters iwas served the letter of demand in satisfaction of administrative requirements and corporate governance principles in addition to the exchange of other correspondences on the above subject matter.
However, he said, Dangote Industries Plc has neither responded to the letters nor settled the outstanding entitlements.
