*Managing Director Alleges Breach of Settlement Terms
By Queen Kunde
The Benue Investment and Property Company Limited (BIPC) has accused Dangote Cement Plc of breaching a long-standing settlement agreement, demanding the immediate allotment of over 111 million shares and the payment of more than 65 billion naira in accrued dividends and entitlements.
Speaking at a press briefing in Makurdi, the Benue State Capital, the Managing Director of BIPC, Dr. Raymond Asemakaha revealed that Dangote Cement has continuously ignored its obligations under a 2006 Terms of Settlement reached between both parties.
Dr. Asemakaha recounted how BIPC initially held a stake in the defunct Benue Cement Company Plc (BCC) before its privatization in 2005, which saw Dangote Industries assume majority control. However, despite the change in ownership, BIPC remained a significant shareholder with defined benefits.
According to him, a legal dispute had previously ensued, leading to an out-of-court settlement in which Dangote Cement agreed to allot at least 10% equity to BIPC. The agreement also recognized BIPC’s entitlements, including managerial positions.
Despite this agreement, Dangote Cement has allegedly refused to comply, frustrating all attempts by BIPC to claim its rightful stake. Efforts, including formal demands through legal representatives, have been met with silence and disregard, prompting the current administration to take further action.
“As at today, Dangote Industries has not responded to multiple letters demanding the allotment of shares and settlement of accrued entitlements,” Dr. Asemakaha stated. “We are left with no option but to pursue legal and judicial remedies.” he added.
The BIPC boss assured the people of Benue State that his administration remains committed to transparency, accountability, and due process, in line with the governance principles of Governor Rev. Dr. Hyacinth Iormem Alia.
He pledged to keep the public informed as the company intensifies its pursuit of justice.
With legal action looming, all eyes are now on Dangote Cement’s response to the demands, as stakeholders await the next chapter in this high-stakes corporate tussle.