The management of Dangote Industries Ltd. (DIL) says it owns Obajana Cement plant 100 per cent and its acquisition in 2002 followed due process.
The company said this in a statement issued by Mr Anthony Chiejina, Group Head Branding and Communications, DIL, titled, ‘Obajana Cement Plant: Separating Facts from Fiction.’
“The shutdown of our plant has materially jeopardised the economic well-being of our country without any regard for its significant consequences,” said the statement. “Its most important assets are its land, the plant and machinery thereon, and the vast limestone deposit covered by mining leases issued under licence by the Federal Government of Nigeria ,” it added.
“The limestone and other minerals used by the Obajana Cement Plant, by the provisions of the Nigerian constitution belonged to the Federation, with authority only in the FGN and not the state in which the minerals are situated, to grant licences to extract and mine the resources. “Sometime in early 2002, about 10 years after the incorporation of the OCP , KSG invited DIL to take the opportunity of the significant limestone deposit in the state by establishing a cement plant.
On the issue of an agreement between Dangote and Kogi governments, the statement noted: “It was agreed, inter alia, that: DIL would establish a cement plant with a capacity of 3,500,000 metric tonnes per annum. It said in line with its rights, ensuring alignment with the Dangote Brand, as part of internal restructuring and for better market recognition the name of OCP was changed to Dangote Cement Plc in 2010.
“KSG also did not meet its obligations to grant waiver of taxes, charges and levies that it could charge the operations, affairs and activities of OCP. “DIL to the knowledge of KSG, paid substantive compensation to Obajana Farmland Owners located within the two square kilometres of the plant site. “And the transaction documents were effectively, lawfully and duly executed by the Governor and Attorney General of the State , after internal approvals were obtained within the government.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Obajana dispute wrong signal to investors, could increase risk rating, NESG warns | TheCableThe Nigerian Economic Summit Group, (NESG) says the ongoing Obajana Cement Plant dispute between the Kogi government and Dangote Industries Limited sends wrong signals to investors, both domestic and foreign,
Read more »
Meet Sandra Okeke, Nigeria’s fitness influencer | The Guardian Nigeria News - Nigeria and World NewsSandra Okeke is one of Nigeria’s top fitness influencers and health and wellness coach. Popularly known as Sofit, Okeke has developed into a powerhouse in the fitness industry. At the age of 22, she launched her fitness brand, Sofit, which has today, gathered nearly a million social media followers. Okeke has helped thousands of women […]
Read more »
Flamingos battle Germany in Nigeria’s opening game | The Guardian Nigeria News - Nigeria and World NewsThe Flamingos will begin their campaign at the ongoing India 2022 FIFA U-17 Women's World Cup today with a tough group game against women's football powerhouse Germany. Germany Nigeria FIFA FIFAU17WWC U17WWC India GerNga
Read more »
'We are not benefitting' -- Kogi residents protest over Obajana ownership tussle | TheCableYouths in Kogi have staged a protest over the ownership tussle involving the state government and Dangote over the Obajana cement plant.
Read more »
The fuel subsidy is fiscally irresponsible - SBM Intelligence | The Guardian Nigeria News - Nigeria and World NewsOne of the most fiscally irresponsible spending in this current administration has been fuel subsidies. The subsidy payments have seen the Nigerian National Petroleum Commission remit zero to the federal account allocation (FAAC) for 2022. This was a massive drop from the $3 billion it remitted in 2020 which fell to about $1.4 billion in […]
Read more »