Dangote to sue Kogi Govt. over Obajana Cement takeover bid
Dangote Group may be heading to court, in its bid to halt the attempted takeover of Obajana cement factory by the Governor Yahaya Bello-led administration.
This is according to Daily Trust, which alluded to its investigation into the matter.
The report cited an anonymous senior official of Dangote Group, who claimed Dangote Group pays over N1billion as PAYE to the government.
“So the claim that we owe is false and the evidence is there,” the source allegedly said.
TheCornet reports that the Kogi State Government, last Thursday, vowed to act on a report submitted by its ‘Specialised Technical Committee on the Evaluation of the Legality of the Alleged Acquisition of Obajana Cement Company Plc by Dangote Cement Company Limited.’
Headed by Dr. (Mrs) Folashade Ayoade, the secretary to the state government, the committee voided the transfer of Obajana to Dangote Industries Limited.
The committee said it found that Dangote Industries had used three Certificates of Occupancy for Obajana Cement Company Plc, to obtain a loan of N63billion.
Based on this, the committee recommended that Kogi State should take steps to recover the Obajana Cement Company.
It also advised the govt. “to recover all accrued dividends from profits made over the years, including accrued interest on the same.”
It added, “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 the 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.”
However, Michel Puchercos, group managing director, Dangote Cement Plc, insisted the company is” 100% owned by Dangote Cement PLC.”
According to him, the factory’s invasion took place based on the “resolution of the Kogi state House of Assembly on controversial tax claims”, and not “alleged invalid acquisition of the company by Dangote Industries Limited.”
He alleged vigilantes dispatched to enforce the assembly’s resolution “shot 27 of our workers and destroyed some of the company’s property at the plant.”
