By Henry Ibya, Makurdi
Benue Investment and Property Company, BIPC, Limited has vowed to pursue court enforcement process at the security and investment tribunal after expiration of the seven- days ultimatum the company has given to Dangote Cement Company PLC regarding its equity holding in Dangote cement,post rights issue judgement of 2005.
Managing Director/CEO of the company,Dr. Raymond Asemakaha who disclosed this yesterday during a media briefing held at the companies headquarters in Makurdi to update the public on the matter said Benue State Government/BIPC took the decision to approach the court assist them retains at least 10% equity holding in the company.
Other conditions BIPC listed they are pursuing from the judgement include,apart from the 2 Board seats in BCC Plc which the agreement stipulates, Benue State Government be given the position of the Deputy Managing Director,DMD as well as 2 slots out of the 5 top management positions.
The managing director also pointed out that there should also be a company policy to engage young qualified Benue State indigenes in the services of the Company
as well as Cement Sale and distribution Policy of the Company be structured to promote and encourage entrepreneurship in Benue State and the catchment area, explaining that special emphasis be laid on the immediate community to attract participation in the business of cement distribution.
He also disclosed that Government would use the court to compel the Company as part of the judgement to evolve a policy to encourage entrepreneurship participation in other ancillary commercial activities of the Company like cement transportation/haulage and supply services as well as revert
According to the BIPC managing director, Government is insisting that a definite corporate policy on environmental hazard management and control be articulated by the Company in line with the industrial standard best practices.
He said solicitors of BIPC Limited during the court process would ensure that Dangote undertakes to preserve the present corporate name of the Company,Benue Cement Company,BCC Plc and its logo shall not be changed now or in the future, for whatever reason, except with proper consultation with the government should need arise.
Dr. Asemakaha stated that as a Management and organization that places high premium on processes and procedures, the company has briefed one of its External Solicitors; to write to the Management of Dangote Industries and demand for the allotment of 111,438,493 units of shares in satisfaction of the Terms of Settlement that was entered into as Judgment of the Court at the instance of Dangote Industries, including the payment of BIPC’s accrued dividend and other entitlements since the takeover of the Company amounting to Sixty Five Billion, Eight Hundred and Seventy One Million, Two Hundred and Ninety Three Thousand, Two Hundred and Twelve Naira, Thirty Kobo as at 1st August 2024 respectively.
The BIPC M/D who said in furtherance of the companies instruction, the firm wrote the said letter and caused same to be served on Dangote Industries Headquarters in satisfaction of administrative requirements and corporate governance principles in addition to the exchange of other correspondences on the above subject matter,however, lamented that as at the date of the press briefing,Dangote Industries Plc has neither responded to the letters nor settled the outstanding entitlements.
Dr. Asemakaha who expressed the determination of BIPC under his watch to take back what belongs to the state for other generations to also benefit, said his team will not relent while management will continue to provide periodic updates regarding progress of the matter in line with Governor Alia’s administrative principles of transparency and accountability, urging Dangote Group to do the needful instead of using the back door to settle individuals.
