₦airaland Forum

Prettygirl200:
Haaaa was that a female or a male?

@stunnert indeed wrote like she is a lady masquerading as male.

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.

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.

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:
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.

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

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?

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.

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.

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.

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.

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?

LOL! You are so clueless. Why would Kogi state government pay for the 10% when it is Kogi state government that is offering 90% shareholding of Obajana Cement to Dangote Cement Coy.

They had shareholders, on behalf of the state, and directors on the board of Obajana Cement, which should ordinarily have been transferred to the registration documents of Dangote Cement, Kogi, when Dangote chose to rebrand it. Dangote Cement obviously did not do that, they simply reregistered it as 100% shares-owned by Dangote Cement Coy.

Stop dropping stupid and ridiculous comments that show how empty you are. What tertiary institution did you attend?

Munamoqel:
Dangote cement has 14 plants in 9 Africa countries so obajana founded on paper (without assets ) only fesiblity studies should be given 10 percent of Dangote cement operating in 14 countries . Una theif pass Anini .kogi (obajana) is a brief case firm .no physical assets or operation.

Oh shut up, you are just exhibiting your cluelessness and illiteracy here. The agreement between Dangote Cement and Kogi state government is only about Obajana Cement, which became Dangote Cement, Kogi.

Dangote Cement, Kogi, is expected to be a member coy in Dangote Cement holding coy. Kogi state government is entitled to 10% of the shares and dividend of the 10% shareholding, annually, of Dangote Cement, Kogi.

That is the agreement except Dangote Cement can provide a contrary agreement to back their claims however, I will query the contrary agreement, if any.

Igbojew:
Don't mind them,this Kogi people are good at eating where they did not sow.That was exactly the same way they wake up to start claiming oil Wells own,build and funded by Anambra state during Peter Obi type.Kogi state was where to found when Peter Obi uses Orient Oil to discover and build Oil Well in Anambra State but immediately Goodluck Jonathan wanted to add Anambra State as Oil Producing State those lazy and parasite state called Kogi and their governor started claiming what that does not belong to them but thank God that truth later prevail and Anambra finally not only won and recover their Oil Wells but also Oil Producing State.........I am that Igbojew

Oga, please stop being sentimental and unexposed. Nobody is concerned about your Igbojew on this matter.

CoronaVirusRelo:
Gibberish!


10 years later…..


A whole state government just woke up!

I won’t be surprised if what caused the riff was that Bello wanted to convert state shares to personal shares.

You cannot tell me a whole state government woke up after 10 years

It doesn't matter when they wake up, what matters is the agreement. Did both parties fullfil the agreement? If not, there are grounds to nullify that agreement and compel the party that defaulted to pay commensurate damages.

FalseProphet1:
I see dangote winning this case at the end of the day.

This I have seen.

The law is not expected to be sentimental like you, please leave that decision to the courts.

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 .

Please can you be objective:

Dangote Cement entered the agreement to purchase Obajana Cement with Kogi state government, not Federal Government.

The land where the limestone, which is the major input material, is being obtained is Kogi land despite that the resource is under the control of Federal Government. In the Niger Delta, the state government earns significant royalty on crude oil obtained from state land and waters, Federal Government claims full royalty on the crude oil obtained from Federal Government waters.

If Dangote Cement bought 90% shares off Kogi state government, they are expected to have paid for the shares to the state government hence, they should show evidence of payment otherwise, that acquisition is null and void in itself.

Dangote Cement should have transfered the ownership of 10% shares of Dangote Cement, Kogi, to Kogi state government when it rebranded as Dangote Cement. Dangote Cement should also have been paying dividend to Kogi state government over the years on the 10% share ownership but they obviously have not been paying it.

In the area of community social responsibility, Dangote Cement has performed poorly in Kogi state and they have to be compelled to improve their CSR contribution.

There are a lot of legal issues with the procedure, documentation and agreement on the acquisition of Obajana Cement by Dangote Cement from Kogi state government. We must look into it and justice must be done.

Sammy07:
This Thread ( Name The Worst Companies To Work For In Nigeria And Give Your Reasons https://www.nairaland.com/4703007/name-worst-companies-work-nigeria) was created four years ago.

I believe it should be updated, cos that thread was really an eye opener for many Nairalanders.

Let us begin to mention the worst companies to work for in Nigeria and list your reasons or experience.

We learn by learning. (Credit: essentialone)

Avoid Indian, Chinese, Lebanese and Betting companies. E get reason!

Sammy07:
This Thread ( Name The Worst Companies To Work For In Nigeria And Give Your Reasons https://www.nairaland.com/4703007/name-worst-companies-work-nigeria) was created four years ago.

I believe it should be updated, cos that thread was really an eye opener for many Nairalanders.

Let us begin to mention the worst companies to work for in Nigeria and list your reasons or experience.

We learn by learning. (Credit: essentialone)

Avoid Indian, Chinese and Lebanese companies. E get reason!

Notyourtype:
I'm planning to tell my friend (mk) when he comes back, but the problem is that she's already pregnant for him.. Im just confused right now.

What makes you think mk owns the pregnancy? Especially since you said she slept with both P & K. Mind you,I have a strong feeling that it is not the first time that they are CY is mess.n P & K.

officialwdhtv:
Ikeja Electric "Shocks" man who tried to toast their CEO Folake Sotaen

IKEDC didn't have to respond.

BeardedMeat:
You are now choosing your language carefully. Keep it clean.

I will serve it to you whichever manner you come at me. Check me out on this platform, I can't be intimidated by you or anyone.

Meat wey get beard! LOL

BeardedMeat:
You are now being mindful of your language. You dey fear ban.

Obviously, your level of reasoning is quite low. Run along.

ponishah:
I know the grammar is above your league.

Honestly, the article is thrash.

tishbite42:
The truth is bitter
Everything man's said was spot on
Wike is a victim of his hypocrisy
He's simply mad that Okowa outplayed him like a school kid

He wasn't balling with Okowa, he was actually balling with Okowa's lords.

Benbellamor:
Trash...Nonsense write up.
.

Honestly, I assumed it was just one writer or blogger that did the article until I saw Vanguard credit.

The article is quite unprofessional and ridiculous for Vanguard newspaper.

Even if Vanguard were paid to slander, can't they be professional and tidy.