*Benue Investment Company Seeks Compliance with Court Settlement, Calls for Transparency and Accountability
By Queen Kunde
In a press release made available to Ziti news, Dr. Raymond Asemakaha, the Managing Director of Benue Investment and Property Company Limited (BIPC), outlined significant developments in the ongoing legal matters regarding BIPC’s equity holding in Dangote Cement Company Plc (BCC), following the 2005 rights issue.
According to the settlement terms, BIPC is entitled to maintain a 10% equity stake in the company, alongside key management positions, including a Deputy Managing Director role and two top management slots. The settlement also demands policies to promote local entrepreneurship, particularly in cement distribution and ancillary services like transportation.
Despite these terms, BIPC alleges that Dangote Industries has not fulfilled its obligations, including the allotment of 111 million shares and the payment of accrued dividends amounting to over ?65 billion as of August 2024. Legal action is now underway, with BIPC calling for Dangote Industries to honor the court-ordered settlement.
Dr. Asemakaha emphasized that BIPC remains committed to ensuring transparency and accountability in the ongoing pursuit of its legal rights, and pledged to keep the people of Benue State informed on future developments.
