Benue Assembly investigates sale, Nigeria

Benue Assembly investigates sale, Nigeria
08 December 2009

The Benue State House of Assembly has declared its readiness to instigate a thorough investigate into the manner in which the Benue Cement Company, Gboko, was sold to Dangote Company Plc in July, 2006.

Already, all parties involved in the sale have been ordered to appear before the state House of Assembly in a forth night.

The management of Benue Cement Company, Dangote Company Plc; Benue Investment and Property Company, BIPC, Mr. John Tine, Joe Abaagu as well as Mr. Geoffrey Agernor are expected to appear before the House on 15th December to brief the House on the level of compliance with the agreement signed between BIPC, Dangote Company, Benue Cement Company and the Nigeria stock Exchange Ltd.

The speaker of the State Assembly, Mr. Terseer Tsumba, announced the decision at its last sitting of Thursday, shortly after a debate on the motion moved by Mr. Simon Kwaghbula urging the House to urgently look into the manner in which the cement company was sold without protecting the state’s interest.

Mr. Kwaghbula contended that the arrangement of the sale of the company was done hastily and without consideration to the state’s interest by those behind it. He urged members of the house to prevail on Dangote Company to at least allow 10% shares of the company to BIPC.

The majority leader of the House, Mr. David Mwar, said since the taking over of Benue Cement Company by Dangote Company Plc, both Benue people and the host community, particularly in Gboko, are yet to benefit from the deal.

The Benue Cement Company, formerly owned by the Benue State government, was privatised and sold to Dangote Company Plc on the 27th of July, 2006.
Published under Cement News