The Scramble for Obajana Cement: Kogi/Dangote in fierce struggle.
….We are reclaiming Obajana Cement company, Gov. Bello.
Kogi state government has vowed to reclaim the multi billion naira Obajana Cement company that it claimed was fraudulently acquired by Alhaji Aliko Dangote .
Following the report of the Special Technical Committee on the Evaluation of the Legality of the alleged Acquisition of Obajana Cement company PLC by Dangote Cement company, Kogi state government said it is determined to reclaim the site and the entire company.
The detailed report was submitted to the State Government last month by the Secretary to the State Government Mrs Folashade Ayoade Arikye.
The report revealed with documents that the purported transfer of Obajana cement company to Dangote Industries Limited, was “invalid, null and void”.
The Committee’s report disclosed that three Certificates of Occupancy for Obajana Cement Company Plc, which was then solely owned by the Kogi State Government, were used by Dangote to obtain a loan of N63billion.
The Committee, therefore, 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.”
On the noted discrepancies and 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.
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“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.
In his remarks, 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 wellbeing.
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 who had come to rip them off.
The governor, however, said that the state was open to discussions once Dangote Company Plc is ready to come clean.
“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.
It would be recalled that on Wednesday the Kogi state government was alleged to have deployed it’s Security outfit, Kogi Vigilantes group to Obajana to seal the the cement factory.
Reports from the cement village Obajana, said several persons sustained serious injuries in the process of sealing the industry
