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Obajana: Kogi Moves to Recover Cement Company From Dangote

The Kogi State government, on Thursday, presented the report of the specialised technical committee on the evaluation of the legality of the alleged acquisition of Obajana Cement Company by Dangote Group.

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

She said the documents revealed that the purported transfer of Obajana to Dangote, was “invalid, null and void”.

Ayoade disclosed in the report that three Certificates of Occupancy for Obajana Cement, which were solely owned by Kogi State at the time, were used to obtain a loan of N63billion by Dangote.

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 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.”

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