100% Equity Ceded in 2003 Supplemental Agreement Between Kogi State Government and Dangote Industries Limited on Obajana Cement Plant
Extracts from the agreement duly signed by Kogi State Governor and State Attorney General:
1. The Supplemental Agreement was entered into on February 14, 2003.
2. Due to huge capital outlay of the cement plant project, Kogi state government offered and transferred 100% shareholding in the cement company to Dangote Industries Limited
3. Upon successful completion and commissioning of project, and attaining production stability, Kogi state shall have the option of acquiring 5% equity shares in the company’s shareholding
4. Dangote Industries Limited shall, upon successful completion and commissioning of project, and attaining production stability, offer 5% equity share in the shareholding of the company to indigenes of the state
5. Kogi state shall be represented by one Director on the Board of the Company irrespective of its shareholding, provided that the state’s nominee shall be agreeable to Dangote Industries Limited
