BIPC TO Dangote Cement- Honor the court’s decision

The Benue Investment and property Company Limited -BIPC has called on Dangote Cement Company PLC to BCC ensure that Benue State/BIPC retains a minimum of 10% equity holding in the company.
The M.D, Dr. Raymond Asemakaha made this known in press statement on Friday February 14th in Makurdi, Benue State.

In addition, the statement reads that apart from the 2 Board seats in BCC Plc, Benue State be given the position of the Deputy Managing Director as well as 2 slots out of the 5 top management positions. There should also be a company policy to engage young and qualified Benue State indigenes in the services of the Company.

Find below more expectations from of the Benue Investment Property Company Limited

That the Cement Sale and Distribution Policy of the Company shall be structured so as to promote and encourage entrepreneurship in Benue State and the catchment area; and in this regard, special emphasis be laid on the immediate community to attract participation in the business of cement distribution.

That the Company shall also evolve a policy to encourage our State teaming entrepreneurs to participate in other ancillary commercial activities of the Company like cement transportation/haulage and supply services.

That a definite corporate policy on environmental hazard management and
control be articulated by the Company in line with the industrial standard and
practice.

That Dangote undertakes to preserve the present corporate name of the
Company (Benue Cement Company 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.

As a Management and organization that places high premium on processes
and procedures, we briefed one of our 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 and in addition, 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.

In furtherance of our 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 and as at the date of this press release, Dangote
Industries Plc has neither responded to the letters nor settled the
outstanding entitlements. The various letters written to Dangote Industries
on the above subject matter are also available for sighting and
confirmation.
It is on the basis of the foregoing that we are obliged to brief the good
people of Benue State and the concerned members of the public of these
developments and our efforts towards remedying the situation through
legal and judicial processes.

Finally, we shall continue to periodically update your good selves on the progress
of our pursuit in respect of this subject matter in line with His Excellency, Rev.
Dr. Hyacinth Iormem Alia’s administrative principles of transparency and
accountability.

Thank you and May God Bless you all.