Kogi, Dangote fight dirty over Obajana cement plant - AfrobadooTV
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Kogi, Dangote fight dirty over Obajana cement plant



The crisis over the ownership of the Obajan cement plant in Kogi State deepened on Friday as the state government and Dangote Cement Plc continued to lay claims to the facility.

The management of the firm also vowed to take legal action over the recent invasion of the plant and the shooting of its employees by armed vigilantes allegedly on the orders of the government.

There was pandemonium on Wednesday when officials of the Kogi State Government reportedly moved to seal the cement plant which it claimed belonged to the state.


Although the government said one person was shot during the chaos that ensued, the cement company claimed that 27 of its workers were shot by vigilantes acting on the orders of the state government.

Governor Yahaya Bello had on Thursday said the state government would be ready to negotiate with Dangote Group once the firm was ready to admit that the plant belonged to the state.

Speaking when he presented documents from the report of the Specialised Technical Committee on the Evaluation of the Legality of the Alleged Acquisition of Obajana Cement Company Plc by Dangote Cement Company Limited to back the state’s claim to the ownership of the plant, Yahaya said the decision to seal the plant followed several petitions by members of the local community over marginalisation by the company.

“We received several petitions from the general public over this particular subject matter. In the past five to six years, all efforts to sit with the proprietors of the Dangote Conglomerate failed,” he said.

But Dangote Cement Plc, in a statement titled, ‘Illegal Shutdown of Dangote Cement, Obajana Plant,’ and signed by its Group Managing Director, Michel Puchercos, said the armed invaders acted on a resolution of the state House of Assembly on controversial tax claims, which it added that the governor had contradicted when he said the shutdown was due to an alleged invalid acquisition of the company by Dangote Industries Limited.

“In the process of forcefully evicting the workers to enforce the shutdown, the vigilantes shot at 27 of our workers and also destroyed some of the company’s property at the plant. We have taken steps to get the hoodlums apprehended by law enforcement agencies, and we will ensure that full legal action is taken against them.

“While we reiterate that Obajana Cement plant is 100% owned by Dangote Cement PLC, we remain resolute in transforming Africa, while creating sustainable value for our people, communities, investors, and customers,” the state partly read.

However, the state government accused the cement company of distorting the facts and vowed to recover all accrued dividends from profits made over the years by the Dangote Group, including accrued interests on the same.

The Commissioner for Information, Kinglsey Fanwo, in a statement on Friday, titled, ‘Dangote is distorting facts – Govt,’ said the state had all the relevant documents to prove that the purported acquisition of Obajana (cement plant) by Dangote was null and void.

“We want to assure the good people of Kogi State that, with God on our side, what belongs to the state shall be recovered, including all dividends and interests on profits from inception till date. The Dangote Group is just distorting facts to save its face,” Fanwo added.

Meanwhile, the National Association of Chambers of Commerce, Industries, Mines and Agriculture, has condemned the closure of the cement factory, adding that the action does not necessarily help the controversial issue of compliance on tax remittable to state government.

“Rather a continuous operation of the plant would more likely facilitate a faster resolution of the dispute,” its Director-General, Olusola Obadimu, added.

Similarly, the Lagos Chamber of Commerce and Industry warned that wrong handling of the ownership tussle or unprofessional approaches to resolutions could send negative signals to potential foreign investors.

While condemning what it described as an “attack on the Dangote Cement plant located in Obajana,” and condoling with the families of those injured, it said the situation was a reflection of the poor handling of investment protection issues in the country.

The LCCI, in a statement by its Director-General, Dr Chinyere Almona, “We recommend a meeting of all government agencies connected with the acquisition of the cement plant to resolve any differences thereof. This process can be taken without necessarily shutting down the factory and endangering jobs, products, and government revenues. This point is critical as wrong handling or unprofessional approaches to resolutions can send negative signals to potential foreign investors.”

Also, the Director-General, Abuja Chamber of Commerce and Industry, Victoria Akai, called for the immediate reopening of the factory and the commencement of alternative dispute resolution.

Akai said, “Tax and ownership disputes are issues top leaders should amicably resolve. We, therefore, call for the immediate reopening of the factory and the commencement of alternative dispute resolution. The closure of the factory will further increase unemployment. It is in the best interest of Kogi State to reopen the factory so as not to scare away local and foreign investors.”


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Inaugural flight: Green Africa begins operation in Ibadan Airport



Green Africa Airline today, 12th of October, 2023 joins the league of other existing airlines operating in Ibadan airport.

The Founder and Chief Executive Officer, Babawande Afolabi officially announced the commencement of operation at the inaugural flight ceremony which was graced the deputy governor of Oyo state, some chieftains and some state house of assembly Honorables.

The airline is scheduled to operate throughout the week except on Wednesdays and will cover Ibadan, Lagos and Abuja.

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Storm Exchange Your Trusted Solution For Digital Currency Exchange




Storm Exchange over the years have been confirmed to be one of the most reliable platforms to trade digital currency. The platform has also gained wide recognition due to their reliability and swiftness.

Udeogu Chinedu Paul, CEO Storm Exchange is from the Eastern hemisphere of Nigerian but his platform is known all over the world as of today.

Udeogu Chinedu Paul was born on the 1st of April, 1998 and attended Saint Paul primary school and later attended Ikwodiaku Primary school, Awka before later proceeding to Bishop Chrowther Seminary, Awka.

Speaking to newsmen about his journey to being a successful trader, he explains that his secret is simply fear of God. If you include fear of God in everything you do, success will eventually embrace you.

I have never doubted myself from day one, I have never had any plan to be dubious because I know it won’t end well.
The fuel of my success however, is swiftness, reliability and trustworthiness.

I always mention trustworthiness because what I am enjoying today mostly is referrals. My clients always refer me to their friends and family simply because of my level of trustworthiness.

Going forward, Paul sends a strong message to other trading platforms that the digital world is here to stay, it has rapidly evolved and the sky is wide enough for every trader to trade. He therefore, advises them to invest more in trustworthiness for it is the fuel to being a successful trader.

When Paul was asked where he would love to be in few years time, he said he is not stopping until he becomes the number one trader in the whole world. He plans to have the strongest platform in the whole world and prays that God grants his wishes.

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Stock market jumps to 15-year high after Emefiele’s suspension



The Nigerian stock market rose to its highest level since July 2008 on Tuesday, the first day of trading after the suspension of the Central Bank Governor, Godwin Emefiele.

According to a report by Bloomberg, investors are betting on a currency devaluation and sent the main index of the Nigerian Exchange to above 57,437 points, which contrasted with a flat performance for MSCI’s main emerging equity benchmark.


The report stated that this move takes the country’s stocks’ year-to-date gains to 11.8 per cent, almost double the six per cent return on the MSCI index.

It noted that the rally, which followed increased gains on Nigerian dollar bonds on Monday, reflected optimism over the policy signals from the newly elected President, Bola Tinubu.

The head of research at Chapel Hill Denham, Tajudeen Ibrahim, stated, “An improvement in the economy will enhance the performance of companies operating in the market.”

Since resuming office, the new president has scrapped fuel subsidy and recently suspended the apex bank’s governor, Emefiele.

The NGX Banking Index has since risen by 8.5 per cent to 570.64, its biggest advance in more than eight years.

Ibrahim, added, “The exchange rate convergence is expected to lead to improvement in liquidity in the foreign currency market and will increase trading activities for the banks.”

Meanwhile, pressure is mounting on the naira to fall towards its market value. The currency has fallen to 474 per dollar, with traders betting on further depreciation.


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