BIPC Takes on Dangote Cement: Demands ₦65.87 Billion in Unpaid Entitlements and Equity Settlement
By Raymond Enoch
Benue Investment and Property Company Limited (BIPC) has formally raised concerns over an unresolved equity dispute with Dangote Cement Plc, citing breaches of corporate governance and non-implementation of a legally binding settlement agreement.
In a press briefing held today 10th February 2025, the Managing Director of BIPC, Dr. Raymond Asemakaha-CFA, provided a detailed account of the company’s long-standing claim to its rightful holdings and accrued entitlements in the former Benue Cement Company Plc, now Dangote Cement Plc.
BIPC, representing the interests of the Benue State Government, was a significant shareholder in the defunct Benue Cement Company before its privatization under President Olusegun Obasanjo’s administration in 2005. Following a Rights Issue, Dangote Industries acquired a controlling stake, yet BIPC retained a portion of ownership with associated rights and benefits.
However, Dr. Asemakaha lamented that despite a legal settlement between BIPC and Dangote Cement Plc—signed as a resolution to a prior dispute—Dangote Industries has failed to honor the terms.
The agreement stipulated the allotment of 111,438,493 units of shares to BIPC and the payment of accumulated dividends and entitlements, which now stand at ₦65.87 billion as of August 1, 2024.
“In clear violation of corporate governance principles, Dangote Industries has refused to fulfill its obligations under the settlement, despite our numerous correspondences and formal demands,” Dr. Asemakaha stated.
He emphasized that the company has exhausted all diplomatic avenues to resolve the matter amicably but has been met with continuous disregard by Dangote Industries.
In a determined effort to claim it’s accrued entitlements, BIPC has engaged legal counsel to initiate further action to secure its rightful equity and entitlements.
“This is about accountability and justice for the people of Benue State,” Dr. Asemakaha affirmed. “We will persist in pursuing every legal and administrative measure to ensure compliance with the settlement and protect the interests of our stakeholders.”
He assured the public of BIPC’s commitment to transparency and vowed to provide periodic updates on the legal proceedings in line with Governor Hyacinth Iormem Alia’s principles of governance.
As the legal battle looms, industry watchers and stakeholders await Dangote Industries’ response to the allegations and its commitment to upholding corporate accountability.
