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Kogi State Govt Sets to Take Ownership of Dangote Cement

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NAIJA NEWS: Kogi State Govt Sets to Take Ownership of Dangote Cement [New Naija News] » Naijacrawl
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Barely two days that the Kogis State goverment sealed the cement factory of the African richest man; Aliko Dangote which is situated in Obajana part of the state becuase of tax invasion, the Kogi State goverment has now stepped up their game by claiming ownership of the cement factory.



This objective is being pushed by a committee set up by the state government, the Committee, chaired by the SSG, also recommended that:

“Kogi State Government should take steps to recover all accrued dividends from profits made over the years, including accrued interest on same.

“Kogi State Government should take steps to cancel the existing seven Certificates of Occupancy in the name of Dangote Cement Company.”

Stressing the aberration in the arrangement, the SSG said, “Agreement between Kogi State Government of Nigeria and Dangote Industries Limited, dated 30th July 2002.

“And, supplemental agreement dated 14th February 2003, as contained in Exhibit 71 of the Judicial Commission of Inquiry Report, purporting the transfer of Obajana Cement Company Plc to Dangote Industries Limited, are all invalid, null and void.


“There is no evidence of consideration paid by Dangote Industries Limited to Kogi State Government from the alleged transfer of Obajana Cement Company Plc and no dividend was paid to the state from the profits realised from the inception of Dangote Cement Company Plc to date…

“By the assignment of the three certificates of occupancy, the title in Obajana Cement Company Plc, still vests in Kogi State Government as the sole owner.

“The three documents were used to obtain a loan of sixty-three billion naira only (63,000,000,000.00) to finance the construction of the cement plant in Obajana.”

Speaker of the Kogi State House of Assembly, Matthew Kolawole, specifically noted that the acquisition of the Obajana Cement Company by Dangote was without the resolution of the House of Assembly, which made the process null and void.

“It is clear that you cannot sell a state government property of any form without the resolution of the Kogi State House of Assembly.

“All the transfer process of the share capital to Dangote from Obajana by the previous administration was without any law backing it by the state House of Assembly,” Kolawole stated.

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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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