• Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
DAILY GIST
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
No Result
View All Result
DAILY GIST
No Result
View All Result

Obajana: We must separate acquisition from Asset-Grabbing, Kogi replies Dangote

Adam PR by Adam PR
October 13, 2022
in NEWS
0
Obajana: We must separate acquisition from Asset-Grabbing, Kogi replies Dangote
20.5k
SHARES
20.5k
VIEWS
Share on WhatsAppShare on TwitterShare on Facebook

The Kogi State Government, on Wednesday, responded to Dangote Industries Limited’s insistence on 100 per cent ownership of Obajana Cement Company, saying that DIL’s efforts at making Kogi State’s demand appear unreasonable had only justified the state’s protest against what it described as “callous and deliberate asset grabbing.”

The state government maintained that Obajana Cement Company was solely founded in 1992 and owned by the state, which held 100 per cent of its shareholding in trust for its people, long before DIL ventured into the state and longer still before Dangote Cement Plc came into existence.

In a detailed response to Dangote Group’s advertorial, titled, “Separating Facts From Fiction”, the Kogi State Government noted that successive administrations had always invited Dangote Industries Limited and Dangote Cement Plc to prove that the Group paid anything at all  for the purported acquisition of Obajana and its alleged 100 per cent ownership, “but each time, DIL and DCP have woefully failed to do so”.

In the response titled, “Separating Acquisition From Asset-Grabbing”, the Kogi State Government disclosed that it took a loan of at least 15million Deutsche Marks to conduct feasibility assessments, which confirmed the existence of those ‘vast limestone deposits’ that DIL found so enticing years later.

“Sadly, for over a decade after DIL and DCP started posting profits from the operations of the Obajana plant, the Kogi State Government was still labouring to pay off the said loan and interests accruing thereon,” the statement highlighted.

The Kogi State Government said in the interest of humanity and truth, it was pertinent to ask the questions: “How come years after DIL and DCP claim they acquired 100 per cent of the equity and assets of Obajana Cement Plc, Kogi State officials were still listed as shareholders of the company, holding shares for and on behalf of the people of Kogi State in filings made by DIL and DCP at the Corporate Affairs Commission (CAC)?

ALSOREAD

BREAKING: Tribunal Orders Re-run Of Election In Kogi

Bribery allegation: Kogi indigenes blast news peddler, Jackson Ude

Why We Wanted To Assassinate Apostle Suleman — Suspect

Details Of Tinubu’s Meeting With Dangote & Bill Gates Revealed

Primary School Teacher Emerges APC Guber Running Mate In Kogi(Photos)

“Is the above not evidence that DIL and DCP which do not deny that Kogi State invited them to invest in Obajana Cement Plc in the first place, are lying when they defend their rapacity and duplicity by claiming that Kogi State allegedly abandoned her allotted shares and was subsequently kicked out of the company she founded by them, thereby allegedly extinguishing all rights and interests of Kogi State and her people in the operations of the company?

“By what rules of corporate acquisitions or even buy-outs are DIL and DCP operating in their highhanded dealings with Kogi State and people? At what point was DIL and DCP able to raise money and Kogi State Govt not able to raise money to take up their allotments, resulting in the alleged transfer of Kogi’s shares in Obajana to DIL/DCP?

“Which money or consideration did DIL provide in 2002 for the alleged acquisition of the 90 per cent equity in Obajana Cement Plc, which used to be vested in the Kogi State Government and what money or consideration did DIL and DCP pay in 2003 to acquire the remaining 10 per cent of Kogi’s shares in Obajana Cement Plc?”

The state government invited Nigerians and all persons of goodwill everywhere to ruminate on the issues raised and draw conclusions “on the ways and manner in which DIL and DCP have shamelessly gone about their conspiracy to dispossess Kogi State and her people of their rightful assets.”

Share This News

FOR ADVERTS, PUBLICATION AND PROMOTIONS, CONTACT DAILY GIST ON WHATSAPP – 09061956151

JOIN US ON SOCIAL MEDIA

TWITTER — https://twitter.com/NaijamediaNews

THREADS —https://www.threads.net/@dailygistonline

FACEBOOK — https://m.facebook.com/oauvoices

INSTAGRAM —https://www.instagram.com/dailygistonline/ 

 

Tags: Aliko DangoteKogi State
Previous Post

BREAKING: Ex-BBNaija Star Is Dead(Photos)

Next Post

BREAKING: Court Frees Nnamdi Kanu

Adam PR

Adam PR

AdamPR is a young Blogger, Publisher, Web Designer. For Adverts and Publications, He can be reached on WhatsApp - 09061956151

Related Posts

Obaseki and Shaibu
NEWS

JUST IN: Gov. Obaseki Gives Condition To Accept His Deputy, Shaibu’s Apology

September 26, 2023
Mohbad corpse
NEWS

Police Announce Update On Mohbad’s Autopsy

September 25, 2023
Tinubu’s Spokesperson, Ajuri Ngelale
NEWS

JUST IN: NIPR Declares Tinubu’s Spokesperson, Ngelale A Fake PR

September 25, 2023
Corps members
NEWS

Nigerian Governor Announces N85,000 Stipend, Automatic Jobs For Corps Members

September 25, 2023
BREAKING: NLC Adamant On Nationwide Strike After Last Meeting With FG
NEWS

NLC Announces Update On Nationwide Strike After Ultimatum Expires

September 24, 2023
Canada Visa
NEWS

EXPLAINER: What Canada’s Visa-free Travel Policy Means For Nigerians

September 24, 2023
Next Post
BREAKING: Court Frees Nnamdi Kanu

BREAKING: Court Frees Nnamdi Kanu

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

TRENDING NEWS

  • Mohbad at Burial site

    He Was Buried Alive? — Doctor Explains Fresh Blood In Mohbad’s Grave

    22563 shares
    Share 9025 Tweet 5641
  • JUST IN: Police Give Update On Mohbad’s Autopsy, Results

    22347 shares
    Share 8939 Tweet 5587
  • JUST IN: Alaafin Stool: Gov. Makinde Asked To Arrest Oyomesi

    21989 shares
    Share 8796 Tweet 5497
  • JUST IN: Oyomesi Names New Alaafin Of Oyo

    21982 shares
    Share 8793 Tweet 5496
  • Why I Wont Cut My Dreadlocks Or Stop Wearing Earrings — Newly Appointed Church General Overseer, Jimmy Odukoya

    21970 shares
    Share 8788 Tweet 5493
  • BREAKING: Gunmen Lay Deadly Ambush, Several Soldiers, Police, NSCDC Officers Burnt Alive

    23056 shares
    Share 9222 Tweet 5764
  • Justice For Mohbad: Police React To Video Of Lady Exposing During Candlelight Procession

    21925 shares
    Share 8770 Tweet 5481
  • Justice For Mohbad: Trending Video Of Lady Flaunting Her B00b$ During Candlelight Procession

    21918 shares
    Share 8767 Tweet 5480
  • BREAKING: Supreme Court On Fire

    21860 shares
    Share 8744 Tweet 5465
  • Police Arrest Nurse Who Gave Mohbad Anti-Tetanus Injection After He Was Beaten At Ikorodu Show

    21628 shares
    Share 8651 Tweet 5407

DAILY GIST reports Latest News in Nigeria and aims to keep Nigerians updated and informed with Reports and Informations in the aspect of Education, Politics, Health, Business, Technology, Jobs, Entertainment. etc

  • Home
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US
  • DESIGNED BY ADAMPR

DAILY GIST © 2020 | All Rights Reserved

No Result
View All Result
  • Home
  • ARTICLES
  • NEWS
  • BUSINESS
  • EDUCATION
  • ENTERTAINMENT
  • HEALTH
  • POLITICS
  • TECHNOLOGY
  • CRIME
  • METRO
  • SPORTS
  • NEWS EXTRA
  • JOBS & SCHOLARSHIPS
  • TRENDING VIDEO
  • ABOUT US
  • CONTACT US
  • PRIVACY POLICY
  • TERMS OF USAGE
  • ADVERTISE WITH US

DAILY GIST © 2020 | All Rights Reserved