By Aloysius Umalo, Makurdi
The Management of Benue Investment and Property Company (BIPC) has embarked on a staunch battle to reclaim their holdings in Dangote Cement Company PLC, formerly known as Benue Cement Company PLC.
Addressing Journalists Monday in Makurdi, the Capital of Benue State, Managing Director and Chief Executive Officer of BIPC, Dr. Raymond Asemakaha said the move became significant due to the deep-rooted historical connections between the company and the people of Benue State as well as the Nigerian government.
The Managing Director delved into the historical evolution of ownership within Dangote Cement Company PLC, noting the transition from joint ownership between the Federal and Benue State Governments to the current majority control of shares by Dangote Industries.
According to Dr. Asemakaha, despite these ownership shifts, BIPC continues to hold substantial stakes and is a vital shareholder in the company.
Tensions have however arisen following allegations that Dangote Industries violated takeover norms and failed to adhere to agreed upon corporate governance standards, particularly concerning an unresolved Terms of Settlement regarding BIPC's holdings and management positions.
The BIPC MD revealed that in a bold move by the management and organization known for its emphasis on processes and procedures, an external solicitor had been instructed to demand the allotment of 111,438,493 units of shares from Dangote Industries.
"For ease of reference and clarity of purpose, the Management of Dangote Cement PLC entered into a Terms of Settlement with BIPC detailing the Company’s (BIPC’S) holdings and managerial positions as a basis for the withdrawal of
Suit No. IST/APP/02/2006 filed against her at the Security and Investment Tribunal.
Additionally, he said the solicitor has been tasked with seeking payment of BIPC's accrued dividend and other entitlements, totaling a staggering amount of Sixty Five Billion, Eight Hundred and Seventy One Million, Two Hundred and Ninety Three Thousand, Two Hundred and Twelve Naira and Thirty Kobo as of August 1st, 2024.
He alleged that despite attempts to address these issues and seek an amicable resolution, Dangote Industries purportedly ignored requests and did not fulfill the agreed terms.
He noted that the move indicated a strong stance taken by the management in ensuring compliance with legal agreements and securing the rights and entitlements of the organization.
"With such proactive measures being taken, it is clear that this organization prioritizes accountability and adherence to legal obligations, even in dealings with large industry players like Dangote Industries".
In response to these alleged breaches, BIPC has taken legal action through their external legal representatives to demand the allocation of shares and the payment of outstanding entitlements, including accrued dividends amounting to billions of Naira.
''Despite multiple letters and communications sent to Dangote Industries, there has been no response or settlement from their end thus far".
The Management of BIPC reasserted their commitment to transparency and accountability, pledging to keep the citizens of Benue State and the general public informed of any developments as they strive to uphold their rights within Dangote Cement Company PLC.
Asemakaha insisted that the ongoing legal battle underscores BIPC's unwavering determination to safeguard their rightful holdings and entitlements within the company.
