Venerable612:


There does not need to be any dispute. The FHC has jurisdiction over M&A transactions. Court orders must be obtained for intermediate and large transactions
1. prior (for each party’s shareholder to meet on the proposed merger) and
2. after approval by the SEC (to sanction -in principle give legal backing - to the M&A and all the transfer of shares/assets).

But for small M&As - only the second stage highlighted above is needed.

See e.g screenshot below from Monday:

Thanks so much for the info. Apparently, it's a Nigerian law.

lilytender:


Obasanjo a fellow Southerner and PDP chieftain gave license to Dangote only to import cement The government changed and Yar'Adua became President. Ibeto went ahead and imported unbagged cement. Dangote took Ibeto to Court but Yar'Adua said that no matter what the court says, anybody should be able to do business without intimidation and that Ibeto is free to go on with his cement business. However, later Goatluck Jonathan became President and once again helped Dangote to fraaustrate Ibeto Please note that not everyone is stupid and senseless like you IPOB miscreants

philip0906:

Obasanjo frustrated ibeto cement... Same Obasanjo that "endorsed" Atiku...Same Atiku my igbo brothers are dancing around...

Do you see the trail?

Unlike the Ebonyi State government that refused to allow Cletus Ibeto to take over and operate Nkalagu Cement Company that was privatized under the Obasanjo administration, at about the same time as BCC Gboko (sold to Dangote), this same CCN (sold to Rabiu/BUA), Edo Cement Okpella (sold to BUA), and Calabar Cement Company (sold to Holcim/Flour Mills)?

The MYTH of a Dangote cement “monopoly” is just that - a myth! Given that some of the world’s biggest cement producers (such as Blue Circle, Holcim - since merged into the world’s single biggest producer, LaFarge, Scancem, Heidelberg, etc.) have long been in Nigeria even before Dangote built his first kiln. Many of these same global producers compete against Dangote throughout Africa in his continental expansion program (as well as local producers in these African countries). Dangote’s entry with his world-class plants has subsequently compelled these behemoths to quit mostly importing bagged cement from their overseas plants, upgrade their local plants (LaFarge at Ewekoro and Sagamu, Holcim at Calabar, etc.) and improve product quality, in the process raising Nigerian locally-produced cement grade from 32.5R (the standard since before Nigerian independence and before many of our parents were even born) to 42.5R in recent years (while Dangote produces Africa’s first and perhaps only 52.5R cement). Even more important, it has moved Nigeria from being one of the world’s biggest importers of cement (reportedly the second-largest after the US) to an EXPORTER (saving and earning billions in the process)!

On the Ibeto issue, while the Obasanjo government granted conditional import licenses to local cement companies (including btw the Nigerian-based foreign producers like Blue Circle, LaFarge, Scancem, etc.) that have made tangible investments or commitments to local production to import cement for a LIMITED time period (a program that was continued under both Messrs YarAdua and Jonathan), suffice it to note that for a period of time Ibeto was the ONLY cement company in Nigeria engaged solely in importation without any local production whatsoever, as the wrangle with the Ebonyi State government continued over control of the Nkalagu Cement Company (and btw Ibeto was not the only local producer caught in such a tussle as same happened to Dangote wrt BCC Gboko, which Dangote has now expanded from 400K tons to 4 million tons per annum, has built schools and a community hospital, as well as provide stable electricity from its captive power plant). Nonetheless, Ibeto has recently resolved the Nkalagu imbroglio and signed contracts with China’s Sonoma (same builders that Dangote uses) to build plants.

Btw, the same policy that Mr. Obasanjo adopted of allowing financially-committed local producers to import cement for a specified LIMITED period while ramping up their local production capacity (mostly building new plants) is substantively similar to the local automotive policy of the Jonathan administration (which allows financially-committed local companies to import a limited number of cars over a limited time period while building/expanding local car assembly plants, and its so-called ATA agricultural import-substitution (specifically rice, sugar and tomato) policies championed by the current AfDB President that allowed committed local companies to continue importation while building up local farms and processing capacity. Each of these policies of course have been substantively continued by the Buhari government.

lilytender:


Go and create you own Biafraland and post anything you like there. I am an APC supporter and an unrepentant Buharist and I have been banned several times by the overzealous moderators. Stop screaming and wailing whenever you are banned.

Zombie unrepentant zombie.

ijustdey:





https://www.thecable.ng/bua-merges-with-cement-company-of-northern-nigeria

And the price of a bag of cement remains 2500, since it climbed from 1300 in 2015? Dangote and Bua milking Nigerians dry