BIPC Demands Justice in Dangote Cement Deal Dispute, Outlines Settlement Terms.
By Raymond Enoch
Benue Investment and Property Company Limited (BIPC) has raised concerns over its equity holding in Dangote Cement Company Plc following the 2005 rights issue.
The company is demanding the allotment of 111,438,493 shares and the payment of accrued dividends and entitlements amounting to N65.87 billion as of August 1, 2024.
During a press briefing in Makurdi, Dr. Raymond Asemakaha-CFA, Managing Director of BIPC, outlined the legal and administrative steps taken to ensure Benue State’s interests are protected. The dispute stems from an agreement reached in court, which stipulated that Benue State, through BIPC, must retain at least a 10% equity stake in Benue Cement Company (BCC), now Dangote Cement
According to a Press release made available to the press today and signed by the Managing Director BIPC, Dr. Raymond Asemakaha-CFA, who outlined the following as terms of settlement to include, retaining at least 10% equity holding in the company.
Securing two board seats and the position of Deputy Managing Director for a Benue State representative.
Guaranteeing the employment of qualified Benue indigenes in key positions.
Establishing a cement distribution policy to empower local entrepreneurs.
Encouraging Benue-based businesses to participate in cement haulage and supply services.
Implementing a corporate policy on environmental hazard management.
Preserving the Benue Cement Company (BCC) name and logo, except with government approval.
Despite multiple correspondences, Dangote Industries has not responded to the demand for the share allotment and settlement of outstanding entitlements. BIPC has engaged legal counsel to pursue the matter through judicial processes.
Dr. Asemakaha reaffirmed the commitment of BIPC to transparency and accountability, in line with Governor Hyacinth Iormem Alia’s administration.
He assured Benue residents that updates on the case would be provided as it unfolds.
The unresolved dispute highlights concerns over corporate governance and the need for multinational companies to honor agreements made with state governments.
As BIPC moves to enforce its rights, all eyes will be on how Dangote Industries responds to the legal challenge.
