₦airaland Forum

Munamoqel:
why didn't.all.the rich people from. Kogi raise money to build the factory ?and employ only people from kogi state as managers and leaders ? Dangote group recruit based on experience and needs and not quota systems!

Face the legality or illegality of the acquisition

Munamoqel:
after failing to govern una state properly una dey look for who to blame . Obajana cement owned by kogi state is a company on paper with no asset ,no plant ,no equipment and no human resources . The limestone is owned by the federal Govt of Nigeria not kogi state that why you get allocation from crude oil located in delta state . Even if kogi govt give the entire lokoja c of o no bank will give it money to build any factory . Bunch of rougues it the floor prone poverty state is just no valuable .

Dont mind them. No state government would utilize this Obajana asset because they are looking for quick money from Abuja. Now that Dangote is declaring profit, they want to chop out of it.!

redseason:
Stop misleading people! Dangote is not the one who made Bello to misgovern Kogi state.

1) Dangote has clearly been paying taxes and royalties to Kogi state government since inception despite a promised 7 years tax relief that was never honored by the state.

2) The limestone belongs to the FG and not Kogi state. They are already payed their taxes and royalties.

3) What 10% shares, when there was no company? So Nigeria air that exists only on paper and has a logo is an existing coy if it doesn’t bring capacity in the future? The state retained an option to buy 5% stake after inception but never followed up on it. Are they supposed to be given free shares?

4) The land on which the factory sits was fully bought by Dangote and compensation duly paid to the host community.

5) Dangote has backed up these assertions with documents in public spaces. Bello is a failure that wants to whip up public sentiments after performing woefully as a governor.

6) What exactly did KSG bring into the fora? They formed a coy on paper and could not even conceptualize it since 1992 until Dangote was brought in by 2002 to make it a reality.

1. Dangote Cement, Kogi, will pay Value Added Tax and Company Income Tax to Federal Government only. They are expected to pay Pay As You Earn(personal income tax) to Kogi state government. I strongly believe that Dangote Cement Coy has not been paying royalty to Kogi state government, if you think or know otherwise, please show proof or tell Dangote Cement Kogi to show proof.

2. The limestone belongs to FG, the assets and liabilities of the Dangote Cement, Kogi, belong to Dangote Cement, Kogi. Who owns Dangote Cement, Kogi? The original agreement says the legacy Obajana Cement, Kogi, that is now Dangote Cement, Kogi, is owned by Dongote Cement Coy (90%) and Kogi state government (10%). Dangote Cement, Kogi, has not transferred the ownership of the10% shareholding to Kogi state government; they also have not been paying dividend on the shares over the years to Kogi state government; they have not been paying royalty to the Kogi state government and infact, the agreement doesn't specify royalty.

3. Obajana Cement, Kogi, is the subject of the contract between Dangote Cement Coy and Obajana Cement, Kogi, which was fully owned by the Kogi state government prior to acquisition. The agreement on Nigeria Air will definitely be different and distinct hence can't be compared with the agreement between the parties to Obajana Cement, Kogi, acquisition. It is important to note that the offer to Dangote Cement Coy was 90% shareholding in Obajana Cement, Kogi.

4. The land where the company sits is just a fixed assets of the Obajana Cement, Kogi, or Dangote Cement, Kogi. Every assets and liabilities of Dangote Cement, Kogi, are owned by the shareholders of Obajana Cement, Kogi, that became Dangote Cement, Kogi. Payment for land acquisition is normal,it wasn't supposed to be free anyway except the state government offered it to the company free of charges, which I doubt.

5. Please show the documents that Dangote Cement Coy presented as their back-up and let us analyse it. I don't care if Bello, governor of Kogi, is a failure because that isn't the subject of this discussion.

6. That company, Obajana Cement, Kogi, which Kogi state government formed and duly registered is the value contribution in the contract of agreement between Dangote Cement Coy and Kogi state government, if you don't know. The payment for the shares (90%) acquired by Dangote Cement Coy and payment of annual dividend to Kogi state government on the title of ownership of 10% of Dangote Cement, Kogi (Obajana Cement, Kogi), is the consideration.

In conclusion, please do yourself a favor and study the law of contract. It is available in public space and Google is your friend. Stop this display of ignorance and cluelessness.

CoronaVirusRelo:
An agreement was not fulfilled and company operated for over a decade?

You are talking about a state government and multinational company. How possible is that!

In the first place, it’s outrightly impossible for Dangote to have start operating in state without due process, and putting into consideration the duration, it shows some class of people are just hungry.

A multinational like Dangote pays attorneys monthly, and definitely would know legal implications of contracts and agreements.

Let’s imagine it was fraudulently acquired, why wouldn’t Kogi state government head to court, instead of using thugs.




This is a frequent thing in the oil and gas industry even after all fulfillments have been met, they keep bringing different claims year-in year-out.

Let Dangote Cement Coy provide evidence to the Kogi state government or the competent Court of Law, that they acquired 100% or 90% shareholding in Obajana Cement, Kogi, through legal and due process. It should be very simple for Dangote Cement Coy to do that.

Again I reiterate that it doesn't matter when Kogi state government choose to take up the matter or take it to court. What matters is the agreement between the both parties to the contract especially in this case of dispute.

The attorneys and lawyers of Dangote Cement Coy or Dangote Cement, Kogi, can go to court on the matter. The Kogi state government can also go to court. In either case, legal actions will be a development to welcome by me and a lot of people.

seunmsg:
Have you seen the agreement? Did Kogi state pay up the agreed consideration for the 10%?

If an agreement says 10% of a company’s share is reserved for you but you need to exercise that right by paying for the shares within a certain period and you refused to activate that right within the stated period, who should be blamed?

Other than media propaganda emotional tantrums, has Kogi state shown evidence of payment for the 10%? Why has the state refused to nominate a director to sit on the board of the company since inception?

Kadoso, you are just an attention seeking numbskull. He explained the facts to you. What the hell are you talking about? You were not party to the agreement; not that Dangote even gives a fvck about your existence. Can't you just learn and admit for once that it's not possible for you to know everything?

Wallade:
1. Dangote Cement, Kogi, will pay Value Added Tax and Company Income Tax to Federal Government only. They are expected to pay Pay As You Earn(personal income tax) to Kogi state government. I strongly believe that Dangote Cement Coy has not been paying royalty to Kogi state government, if you think or know otherwise, please show proof or tell Dangote Cement Kogi to show proof.

2. The limestone belongs to FG, the assets and liabilities of the Dangote Cement, Kogi, belong to Dangote Cement, Kogi. Who owns Dangote Cement, Kogi? The original agreement says the legacy Obajana Cement, Kogi, that is now Dangote Cement, Kogi, is owned by Dongote Cement Coy (90%) and Kogi state government (10%). Dangote Cement, Kogi, has not transferred the ownership of the10% shareholding to Kogi state government; they also have not been paying dividend on the shares over the years to Kogi state government; they have not been paying royalty to the Kogi state government and infact, the agreement doesn't specify royalty.

3. Obajana Cement, Kogi, is the subject of the contract between Dangote Cement Coy and Obajana Cement, Kogi, which was fully owned by the Kogi state government prior to acquisition. The agreement on Nigeria Air will definitely be different and distinct hence can't be compared with the agreement between the parties to Obajana Cement, Kogi, acquisition. It is important to note that the offer to Dangote Cement Coy was 90% shareholding in Obajana Cement, Kogi.

4. The land where the company sits is just a fixed assets of the Obajana Cement, Kogi, or Dangote Cement, Kogi. Every assets and liabilities of Dangote Cement, Kogi, are owned by the shareholders of Obajana Cement, Kogi, that became Dangote Cement, Kogi. Payment for land acquisition is normal,it wasn't supposed to be free anyway except the state government offered it to the company free of charges, which I doubt.

5. Please show the documents that Dangote Cement Coy presented as their back-up and let us analyse it. I don't care if Bello, governor of Kogi, is a failure because that isn't the subject of this discussion.

6. That company, Obajana Cement, Kogi, which Kogi state government formed and duly registered is the value contribution in the contract of agreement between Dangote Cement Coy and Kogi state government, if you don't know. The payment for the shares (90%) acquired by Dangote Cement Coy and payment of annual dividend to Kogi state government on the title of ownership of 10% of Dangote Cement, Kogi (Obajana Cement, Kogi), is the consideration.

In conclusion, please do yourself a favor and study the law of contract. It is available in public space and Google is your friend. Stop this display of ignorance and cluelessness.

Before you defend the indefensible, read the attached nos 8 and nos 18.

Both parties are to fund the project based on their percentage stakes. Your darling Kogi did not bring a kobo, project was funded 100% by DIL.
18) The state forfeits it claims on dividends and shareholding if it fails to bring its counterpart funding, of which it indeed did fail.

You reserved 10% for yourself and you were supposed to bring 10% funding which you didn’t bring. You also agreed to not lay claim if you fail to bring the counterpart funding. What exactly is the issue here? Is Dangote the reason Bello performed poorly?

Valkrie:
You reason like a child...dangote himself did not bring a dime there...They simply used the c of o of obajana cement company to obtain loan to build the factory...and later went back to claim ownership.

What stopped the Kogi State Gov't from using the C of O to get Loan and build the factory?

adecz:



Kogi's share will most likely have
been paid into the pockets of the
then governor, late Prince Abubakar Audu.❗️❗️

You obviously don't understand the business arrangements.

Kogi State established Obajana Cement Factory on paper but had no money to implement it

Facts will be out in the court. The state relinquished their shares to Dangote in fev, 2003.
What else una want. No politicians fight for masses so just forget it, Yaya na for himself e dey fight for.
Dangote no perfect but na im get him plant

redseason:
Before you defend the indefensible, read the attached nos 8 and nos 18.

Both parties are to fund the project based on their percentage stakes. Your darling Kogi did not bring a kobo, project was funded 100% by DIL.
18) The state forfeits it claims on dividends and shareholding if it fails to bring its counterpart funding, of which it indeed did fail.

You reserved 10% for yourself and you were supposed to bring 10% funding which you didn’t bring. You also agreed to not lay claim if you fail to bring the counterpart funding. What exactly is the issue here? Is Dangote the reason Bello performed poorly?

Good to see that you presented this document for discussion.

Now, I must tell you that there is no evidence that this document you presented is the certified true copy of the agreement. You need to show that it is the certified true copy for us to adopt it for assessment.

However, a study of this version of the agreement indicates that Kogi state government actually offered 90% of the shares of Obajana Cement, Kogi, to Dangote Cement Coy, and Kogi state government retains 10% holdings in the coy (Obajana Cement Kogi or Dangote Cement Kogi).

The both parties are expected to contribute equivalent capital funding for the company, to the tune of their shareholding in the company or risk the annual dividend due on the shareholding. Note that the risk is not the 10% shareholding of Kogi state government in Dangote Cement, Kogi. The state doesn't forfeit the 10% shareholding; the both parties can approach the competent Court of Law for interpretation of that clause 18. Please always read carefully before you form your opinion.

If this agreement that you presented suffices, then Kogi State government actually still owns 10% of Dangote Cement, Kogi. The state government may not be able to claim dividend if they actually didn't contribute their share of capital funding but they still own the 10% shares of Dangote Cement, Kogi.

Can you also show evidence that Dangote Cement Coy paid for the 90% shareholding acquisition to the Kogi state government in the first place. If they didn't pay, then they have to pay the Kogi state government, with applicable interest over the years or that is a significant reason to nullify the contract/agreement.

Keep deceiving yourself

Munamoqel:
federal government of Nigeria . U head need knocks

Dannyfan:
Just tell me a good reason why you are supporting Dangote? And how Kogi government has been wrong? You can't be emotional in every situation.

I am sure you are working for him

Dangote moved your dead Nation from net cement importer to net cement producer and the highest tax payer and highest number of employees after govt . You miserable dead state that did fesiblity in 1992 uptill 2002 10 year proposal still in the selves carrying dust .if not for Dangote in the next 100 years the proposals will be in the museum . Even if the company is handed over to kogi state govt today it will be run down by yeye civil servants that can't even pay themselves salaries and pension .

Wallade:
Good to see that you presented this document for discussion.

Now, I must tell you that there is no evidence that this document you presented is the certified true copy of the agreement. You need to show that it is the certified true copy for us to adopt it for assessment.

However, a study of this version of the agreement indicates that Kogi state government actually offered 90% of the shares of Obajana Cement, Kogi, to Dangote Cement Coy, and Kogi state government retains 10% holdings in the coy (Obajana Cement Kogi or Dangote Cement Kogi).

The both parties are expected to contribute equivalent capital funding for the company, to the tune of their shareholding in the company or risk the annual dividend due on the shareholding. Note that the risk is not the 10% shareholding of Kogi state government in Dangote Cement, Kogi. The state doesn't forfeit the 10% shareholding; the both parties can approach the competent Court of Law for interpretation of that clause 18. Please always read carefully before you form your opinion.

If this agreement that you presented suffices, then Kogi State government actually still owns 10% of Dangote Cement, Kogi. The state government may not be able to claim dividend if they actually didn't contribute their share of capital funding but they still own the 10% shares of Dangote Cement, Kogi.

Can you also show evidence that Dangote Cement Coy paid for the 90% shareholding acquisition to the Kogi state government in the first place. If they didn't pay, then they have to pay the Kogi state government, with applicable interest over the years or that is a significant reason to nullify the contract/agreement.

you be mumu . kOGI offered 90 percent shares to Dangote and you are still asking evidence of payment ! 0FFERED ( English ) if they said offered at the consideration of 1 billion then a monetary value is added . But who will pay for a brief case firm with no asset or produce or revenue .only if it offered free to

oyatz:
You obviously don't understand the business arrangements.

Kogi State established Obajana Cement Factory on paper but had no money to implement it

Why not help Dangote explain this
to governor Bello and Kogi House of
Assembly❓❓

Dangote is well known for his sharp
practices, cutting corners and pulling
down competitors using government
organs..

He sells cement cheap in his other
operations outside Nigeria, but keeps
prices at astronomical levels in Nigeria
because he compromises oversight
aithorities.☹️☹️☹️

Him wayo don dey catch up with am.

Munamoqel:
Dangote moved your dead Nation from net cement importer to net cement producer and the highest tax payer and highest number of employees after govt . You miserable dead state that did fesiblity in 1992 uptill 2002 10 year proposal still in the selves carrying dust .if not for Dangote in the next 100 years the proposals will be in the museum . Even if the company is handed over to kogi state govt today it will be run down by yeye civil servants that can't even pay themselves salaries and pension .

Dangote group of companies actually contributes significantly to the GDP of this nation; Dangote assisted to transform Nigeria from cement importer to exporter and major producer of cement.

However, Dangote Cement Coy also has a responsibility to honor the agreement that the company willingly signed otherwise, that as agreement is null and void.

Munamoqel:
you be mumu . kOGI offered 90 percent shares to Dangote and you are still asking evidence of payment ! 0FFERED ( English ) if they said offered at the consideration of 1 billion then a monetary value is added . But who will pay for a brief case firm with no asset or produce or revenue .only if it offered free to

Your argument is ridiculous and shows that you are daft.

"Offer for Sale" of shares simply means that Dangote Cement Coy was offered 90% shares of Obajana Cement, Kogi, at given price per unit share with the expectation that the total sum due on the sale be paid to the offeror - Kogi state government.

Payment for the 10% and 90% from both parties can only be taken as the capital contribution from both parties if the agreement holds such position.

If Dangote Cement Coy paid the total sum to the state government upon purchase of the 90% shares, Dangote Cement Coy should have a corresponding receipt duly issued by the state for the payment.

Do you still need more lecture?

Wallade:
Your argument is ridiculous and shows that you are daft.

"Offer for Sale" of shares simply means that Dangote Cement Coy was offered 90% shares of Obajana Cement, Kogi, at given price per unit share with the expectation that the total sum due on the sale be paid to the offeror - Kogi state government.

If Dangote Cement Coy paid the total sum to the state government upon purchase of the 90% shares, Dangote Cement Coy should have a corresponding receipt duly issued by the state for the payment.

Do you still need more lecture?

show it Dundee where is the offered for sale ? No wonder kogi is a advance village .The agreement read offered and transfered .yayah Bello

Ofemmanu1:
I want to agree with your comment but I refused.

1. Dangote recruit based on merit but lately all that has changed.

Alimajiri basterrds have taken over, all the Manager levels and top offices belongs to the abokkis.

E.g the IT manager at Dangote doesn't know shittt about Android talk less of Computer Processors.

enemy of progress.

Munamoqel:
show it Dundee where is the offered for sale ? No wonder kogi is a advance village .The agreement read offered and transfered .yayah Bello

Idiot, you need to read the entire terms and clauses of the agreement. You are simply showing us a page of the purported or supposed agreement that is not confirmed to be the certified true copy.

Ode! Besides, I am not an indigene of Kogi state however, you and Dangote Cement, Kogi, have to come to equity in fairness to Kogi state and the agreement that Dangote Cement Coy willingly signed.

Na you be dundee on this matter

Corridon:
We say no to Dangote monopoly.

This hungry villagers, what a waste of time, when a man is hungry, they can do anything for food, Yahaya Bello is leading them Kogi and Obajana mumus on a wild chicken chase.

Wallade:
Idiot, you need to read the entire terms and clauses of the agreement. You are simply showing us a page of the purported or supposed agreement that is not confirmed to be the certified true copy.

Ode! Besides, I am not an indigene of Kogi state however, you and Dangote Cement, Kogi, have to come to equity in fairness to Kogi state and the agreement that Dangote Cement Coy willingly signed.

Na you be dundee on this matter

Maybe Kogi State should return all the tax money paid by Dangote Industries.

Yahaya Bello is chasing shadows, a Federal High Court will throw their claims out instantly, agreement your predecessors signed you claim it is illegal, when it is Kogi’s State’s own duty to make sure it was done in due process?

Or you and Yahaya Bello think that the court will punish Dangote for Kogi Stat government’s own negligence to get approval from their State House of Assembly?

Who was the governor of Kogi State in 2002 and the Speaker? They are the persons that should be on trial, not Dangote Industries.

Wallade:
Idiot, you need to read the entire terms and clauses of the agreement. You are simply showing us a page of the purported or supposed agreement that is not confirmed to be the certified true copy.

Ode! Besides, I am not an indigene of Kogi state however, you and Dangote Cement, Kogi, have to come to equity in fairness to Kogi state and the agreement that Dangote Cement Coy willingly signed.

Na you be dundee on this matter

kindly provide the sale paragraph or keep quiet and continue you mumuyism

Munamoqel:
kindly provide the sale paragraph or keep quiet and continue you mumuyism

Mr Ode! You are the one that brought this unconfirmed document to defend your case, I asked to study the certified true copy of the agreement between Obajana Cement Coy, Kogi and Dangote Cement Coy and you brought 2 pages of your uncertified document in your defense.

I reluctantly analysed it just to be fair to you in this argument. The document you presented remains uncertified.

When you get the certified true copy of the agreement from Dangote Cement Coy or Dangote Cement, Kogi. Then we can continue this conversation.

Mumu! You are in no position to keep me quiet.

Wallade:
Mr Ode! You are the one that brought this unconfirmed document to defend your case, I asked to study the certified true copy of the agreement between Obajana Cement Coy, Kogi and Dangote Cement Coy and you brought 2 pages of your uncertified document in your defense.

I reluctantly analysed it just to be fair to you in this argument. The document you presented remains uncertified.

When you get the certified true copy of the agreement from Dangote Cement Coy or Dangote Cement, Kogi. Then we can continue this conversation.

Mumu!

so u don't have even have a page of any document to present .you mumu no get part two .better off as a mumu comedian.

Munamoqel:
so u don't have even have a page of any document to present .you mumu no get part two .better off as a mumu comedian.

Am I Kogi state government or Dangote Cement Kogi or Dangote Cement Coy?

I am simply an observer and analyst of the situation that the both parties brought to public domain.

You need to visit a psychiatrist in a good hospital to have your mental state of mind checked. It seems the Dangote Cement Coy need to pay you more or augment your medical bills to keep you sane if you must be useful to them.

Kindly try to check in at Yaba-Left

Munamoqel:
then go to the FGN to demand the 5 percent derivatives. Rivers State don't go about blocking shell for their 13 percent is paid from face

tell your cunt owner to come out with the documents!! How much was paid for it and when!!! If it is to carry olosho Baba bum bum show but to show document, I'm here arguing with a dunce because of that. Hope Rivers and Lagos win that tax case against those bastards moreover state should have 30 percent control of its resources or more!!!!

Wallade:
Am I Kogi state government or Dangote Cement Kogi or Dangote Cement Coy?

I am simply an observer and analyst of the situation that the both parties brought to public domain.

You need to visit a psychiatrist in a good hospital to have your mental state of mind checked. It seems the Dangote Cement Coy need to pay you more or augment your medical bills to keep you sane if you must be useful to them.

Kindly try to check in at Yaba-Left

so you have not read or have any of the documents and sit you mumu head dey argue up and down like mad man

Munamoqel:
so you have not read or have any of the documents and sit you mumu head dey argue up and down like mad man

It is amazing how mad people assume others are mad when they are seriously sick.

I can understand your challenge please, just visit a good psychiatrist. Have a good night.

I am done with your case.

Kogi state government under Ibrahim Idris from 2003 refused to invest in the company during construction phase all because they wanted to discredit Prince Abubakar Audu. They wanted to build another cement plant at Itobe. If not for Then President Olusegun Obasanjo,Obajana cement company would have failed.
Now they want to revisit the said contract. They should pay him the money he invested if they want to get their 10% share.
We all know Kogi state can't invest on a large scale like Dangote did.They should ask their neighbors Benue state what's the fate of Benue Cement Company.

eebraa:
Kogi state government under Ibrahim Idris from 2003 refused to invest in the company during construction phase all because they wanted to discredit Prince Abubakar Audu. They wanted to build another cement plant at Itobe. If not for Then President Olusegun Obasanjo,Obajana cement company would have failed.
Now they want to revisit the said contract. They should pay him the money he invested if they want to get their 10% share.
We all know Kogi state can't invest on a large scale like Dangote did.They should ask their neighbors Benue state what's the fate of Benue Cement Company.

The purported agreement on sale of Obajana Cement says Kogi state government only forfeits the dividend on the 10% shares if the state government does not contribute expected 10% capital funding.

The contract, if valid, is still binding on both parties. However, Dangote Cement, Kogi and Dangote Cement Coy can approach the court to relief and clarification in court.

Valkrie:
You reason like a child...dangote himself did not bring a dime there...They simply used the c of o of obajana cement company to obtain loan to build the factory...and later went back to claim ownership.

The slow don’t do business successfully; only the wise, smart, bold and courageous do!