Yahaya Bello Scheming to Take-Over Dangote Cement Factory, Receives Report on Acquisition Plot

Gov Yahaya Bello

The Kogi State Government has presented to the public, the report of the Specialised Technical Committee on the Evaluation of the Legality of the Alleged Acquisition of Obajana Cement Company Plc by Dangote Cement Company Limited.


The detailed report, submitted to Governor Yahaya Bello of the state, last month, was presented to the public on Thursday by the Secretary to the State Government, Dr. Folashade Ayoade.

The move is suggestive of the resolve of kogi state government to take over ownership of the giant cement Company partly owned by Dangote group.

Kogi State Government is a part owner of the cement Company with 10 percent equity share, now in disputes.

Dr Ayoade, claims with documents that the purported transfer of Obajana to Dangote Industries Limited, was “invalid, null and void”.

Ayoade disclosed in the report that three Certificates of Occupancy for Obajana Cement Company Plc, indicate kogi state ownership of the company but Dangote group used same documents, to obtain a loan of N63billion for the construction of the cement Company.

According to her, the Committee, in view of its findings, has therefore recommended that Kogi State should take steps to recover Obajana Cement Company from the Dangote Group.

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.”

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.

Governor Yahaya Bello said that he had taken the bold step, in line with his mandate to safeguard the lives and livelihood of the people of Kogi State, including residents, and to ensure their well-being.

Governor Bello said this was also coming on the heels of protests by the people of the state who felt they had been suppressed and marginalised by the Dangote Group.

The governor, however, said that the state government was open to discussions once Dangote Company Plc was ready to come clean.

Governor Bello said with emphasis that,

“We received several petitions from the general public over this particular subject matter. In the past five to six years, all efforts to sit with the proprietors of the Dangote Conglomerate failed.

“We set up a committee to look into this and invited the Dangote company to discuss with them and tell them the imminent dangers they are exposing the people to, but it all fell on deaf ears.

“I am here to defend my people, and from all reports, it is clear that Obajana Cement Company does not belong to Dangote,” Governor Bello declared.


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