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Dangote: Our acquisition of Obajana Cement plant followed Due Process
Obajana Cement PLC was incorporated in 1992 and as at 2002 had no paid up shares
* Kogi State has no equity interest in Obajana Cement Plc
* The plant and machinery were conceived, designed, procured, built, and paid for solely by DIL, well after it acquired the shares in Obajana Cement Company
* The land on which the Obajana Cement Plant is built was acquired solely by Dangote Industries Limited (DIL) in 2003
* Taxes paid to Kogi Govt yearly since production commenced in 2007
The management of Dangote Industries Limited has insisted that its acquisition of the Obajana Cement Plc in 2002 followed due process, contrary to claims by the Kogi State government.
The conglomerate asserted that Kogi State government has no equity interest in Obajana Cement Plc. It also stated that the company as a responsible corporate organisation has been paying relevant State taxes, levies and charges to the Kogi State government since 2007 when production commenced in the acquired cement plant.
These clarifications were contained in a statement issued by the management of Dangote Industries Limited titled ‘Obajana Cement Plant: Separating Facts from Fiction.’
According to the statement, “This is a statement issued for the sole purpose of addressing the concerns and apprehensions of the stakeholders of Dangote Cement Plc (DCP) especially the over twenty-two thousand people it employs directly, and more indirectly, as well as thousands of contractors, wholesalers, users of our products, our financiers and shareholders.
“At a time of significant economic challenges that we face as a nation, we believe all must be done to keep our economy running effectively, our people employed, businesses that depend on us thriving and not discourage those who take the risks of needed, lawful and significant investments in our economy. The shutdown of our plant has materially jeopardised the economic wellbeing of our country without any regard for its significant consequences.
“Whilst reserving our rights to proceed to arbitration in accordance with the extant agreement, we have reported the unlawful invasion by KSG and the consequential adverse effects of same to all the relevant authorities, including the Federal Government of Nigeria who has now intervened in the matter. It is hoped that the dispute resolution process we have initiated will quickly resolve the disputes and allow us to focus on our business without distraction and continue our significant contribution to our national economy. It is in this context that we state in brief as follows”, the company added.
According to the statement, “The Obajana Cement Plant is one of the most critical components of economic activity in the nation, being one of the highest taxpayers, and vehicle for one of the largest companies invested in by thousands of Nigerian and foreign investors. Its most important assets are (1) its land, the plant and machinery thereon, and (2) the vast limestone deposit covered by mining leases issued under licence by the Federal Government of Nigeria (FGN).”
The company clarified that the land on which Obajana Cement Plant is built was solely acquired by Dangote Industries Limited (DIL) in 2003. “The land on which the Obajana Cement Plant is built was acquired solely by Dangote Industries Limited (DIL) in 2003, well after it had acquired the shares in Obajana Cement Company in 2002, following the legally binding agreement it entered into with KSG to invest in Kogi State. DIL was issued three Certificates of Occupancy in its name after payment of necessary fees and compensation to landowners.
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“The plant and machinery were conceived, designed, procured, built, and paid for solely by DIL, again, well after it acquired the shares in Obajana Cement Company. The limestone and other minerals used by the Obajana Cement Plant, by the provisions of the Nigerian Constitution belonged to the Federation, with authority only in the FGN and not the State in which the minerals are situated, to grant licences to extract and mine the resources”, the company explained.
“After the agreement with the KSG, DIL applied for and obtained mining leases over the said limestone from FGN, at its cost and has complied with the terms of the leases since inception. The Government of Kogi State had no minerals to give, had no assets to give, and only invited DIL as most responsible governments do to come into the State and invest in a manner that will create employment, develop the State, and earn it taxes”, the statement added.
In a section of the statement titled, ‘The Incorporation of OCP and the Invitation by KSG’, the company noted that, “In 1992, the Kogi State Government incorporated Obajana Cement PLC (OCP) as a public limited liability company. Sometime in early 2002, about 10 years after the incorporation of the OCP (which still had no assets or operations as of that time), KSG invited Dangote Industries Limited (DIL) to take the opportunity of the significant limestone deposit in the State by establishing a cement plant in the State.
“Following several engagements and assessment of the viability of the proposed opportunity, DIL agreed that it would establish a cement plant in Kogi State and provide the entirety of the substantial capital required for the investment.
“DIL also agreed, following a specific request by KSG, to use the OCP name (albeit only existing on paper as of that time, and without any assets or operations) for the time being, as the vehicle for this investment
On 30 July 2002, KSG and DIL entered into a binding agreement to document their understanding. The agreement was amended in 2003 and remains binding on, and legally enforceable by, the parties to same,” the statement explained.
On the issue of an Agreement between Dangote and Kogi State Government, the statement gave a summary. It noted that “it was agreed, inter alia, that: DIL would establish a cement plant with a capacity of 3,500,000 metric tonnes per annum; DIL shall hold 100% of the shareholding in OCP, and source for all the funds required to develop the cement plant; KSG shall have the option to acquire 5% equity shareholding in OCP within 5 years; and KSG shall grant tax relief and exemption from levies and other charges by KSG for a period of seven (7) years from the date of commencement of production.”
Consistent with the terms of agreement, DIL sourced for 100% of the funds that was used to develop the plant without any contribution from KSG. In line with its rights, ensuring alignment with the Dangote Brand, as part of internal restructuring and for better market recognition the name of OCP was changed to Dangote Cement Plc in 2010, and a number of other significant cement companies (such as the Benue Cement Company) owned by DIL were merged with OCP to become the enlarged Dangote Cement Plc”, the statement added.
On the issues of ‘Execution of the Agreement: The Plant, Taxes, Shares & Dividends’, the statement noted, “DIL assiduously and at significant cost met all the terms of the agreement between it and KSG in relation to OCP. It built the cement factory, much bigger and better than envisaged.
“KSG could not meet its financial obligations of contributing to the funding the plant in any form; neither could KSG fund acquisition of 5% equity shares in OCP when it was asked on a number of occasions to exercise the purchase option.
“KSG also did not meet its obligations to grant waiver of taxes, charges and levies that it could charge the operations, affairs and activities of OCP. Rather despite being entitled (under the terms of the agreement with KSG) to tax relief and exemption from charges and levies by KSG for a period of seven (7) years from the date of commencement of production, OCP (and now DCP) has paid all due sub-sovereign taxes, levies and charges to KSG since it commenced production in 2007.
“KSG does not have any form of investment or equity stake in OCP, so no dividend or other economic and/or shareholding rights whatsoever could have accrued to it from the operations of the company”, the statement added.
On the issue of the Acquisition of the Plant Site, the statement noted that, “After the agreement between DIL and KSG in 2002, DIL in 2003, applied to KSG for the acquisition of land for the plant site, and this application was granted with the issuance of three Certificates of Occupancy to DIL. DIL to the knowledge of KSG, paid substantive compensation to Obajana Farmland Owners located within the two (2) square kilometres plant site.
“Subsequently, in September 2004, DIL, in good faith, applied to the State Governor for the statutory consent for DIL to assign the plant site to OCP being DIL’s investment vehicle. This consent request was granted by the State Governor and the appropriate consent fees were paid by DIL”, it added.
Shedding more light on the company’s engagement with Kogi State Government, the statement explained that, “The investment of DIL in Kogi State through OCP was at the instance of the duly constituted government of Kogi State, done in accordance with the law of the State and all enabling laws in that regard, and the transaction documents were effectively, lawfully and duly executed by the Governor and Attorney General of the State (at the time), after internal approvals were obtained within the government.
“Since the inception of Alhaji Yahaya Bello’s administration in 2016, and regardless that government is a continuum, we have had series of enquiries about the ownership structure of the Dangote Cement PLC as it relates to the alleged interest of KSG; and had several engagements with the officers of the State government including Governor Yahaya Bello. At all of these engagements we have provided all the details and information supported by relevant documents, required by the Government and the State House of Assembly to confirm our lawful investment.
“For instance, in 2017, we were invited by the Judicial Commission of Inquiry, and we made our submission to the commission with relevant documents to support our position. We are yet to receive any feedback from the Judicial Commission of Inquiry. While still waiting to hear of the report of the Inquiry, we were invited by the State House of Assembly on the same matter earlier this year, and again, we provided evidence in support of our position that KSG does not have any equity or other interest in OCP or DCP.
“On Wednesday 5 October 2022, hundreds of dangerously armed men, other than law enforcement officers, attacked our cement plant in Obajana, Kogi State, destroyed our property, inflicted grievous injuries on many of our employees, and shutdown operations at the plant. KSG has admitted that the armed invaders acted on its instructions, and in furtherance of the recent enquiry by the Kogi State House of Assembly in connection with the ownership of the Obajana Cement Plant.
“Curiously, on 6 October 2022, a day after the shutdown of our facility in Obajana on the orders of KSG, Governor Bello addressed the public and announced that a Specialised Technical Committee which was set up as part of the recommendations of the Judicial Commission of Inquiry had just presented its recommendations, which have been accepted by KSG. This statement makes it abundantly clear that the shutdown of DCP’s plant occurred regardless of the Governor’s own confirmation that implementation of the recommendations of the Specialised Technical Committee was still pending”, the statement noted.
Focusing on the current state of play, the company said, “Whilst we do not want to speculate on the motivation for the spurious claims being made by KSG in relation to the ownership of the Company, which have resulted in the unfortunate unlawful forcible closure and damage of our plant, and injury of several people, we condemn in strongest possible terms, the unlawful shutdown of our plant by KSG sponsored armed-thugs, the damage to our property (including the looting of large sum of money kept in the office), and grievous injury inflicted on our employees by them.
“This disruption of operations at the plant has caused loss of revenue not only to our company and its customers but has also adversely impacted revenue due to both the Federal and State governments. It has also occasioned loss of jobs for the teeming youths who are daily paid workers that throng our plant for their daily sustenance.
Appealing for overall peace and calm, the statement noted, “We implore all our stakeholders, namely shareholders, customers, suppliers, employees, and the entire community of Obajana and Kogi State at large to remain calm while we follow the legitimate and lawful process to resolve this matter. We shall keep our stakeholders duly updated whilst we remain confident that the statutory and contractual rights ofB DIL shall be upheld by these legal processes which we have initiated.”
News
SPECIAL REPORT: The Return of GC Musa and the Challenges Ahead
By Yusuf Danjuma Yunusa
On Friday, 24th October, 2025, the President announced sweeping changes in the military hierarchy.
A statement by the Special Adviser to the President on Media and Public Communication, Sunday Dare, named General Olufemi Oluyede as the new Chief of Defence Staff, replacing General Christopher Musa.
It added, “The new Chief of Army Staff is Major-General W. Shaibu; Air Vice Marshal S.K. Aneke is Chief of Air Staff; while Rear Admiral I. Abbas is the new Chief of Naval Staff. Chief of Defence Intelligence, Major-General E.A.P. Undiendeye, retains his position.”
The development came barely a week after an online media platform, Sahara Reporters, published a story alleging that some military officers plotted to remove President Tinubu.
Hence, the citizens summarily adjudged that General Christopher Musa was sacked on that note.
While on the other hand, Nigerians differ on his leadership role as the Chief of Defence Staff:
a. Some Nigerians are of the opinion that GC Musa did extremely well in the fight against insurgencies while serving as the CDS, stating that he intensified kinetic operations across multiple fronts, leading to the death of several high-value terrorist/bandit leaders.
b. Others opined that he performed poorly, citing the unending cases of terrorism and the reinforcement of its leaders who had been sent into exile previously.
In an extremely shocking wave, a month and some days after the relinquishment of GC Musa as the Chief of Defence Staff, news broke that he had been picked as Abubakar Badaru’s replacement, who had resigned as the Minister of Defence on health grounds.
Again, the public was thrown into another round of debate:
a. Who was sacked from office as CDS cannot be appointed as Minister for that same ministry.
b. GC Musa’s appointment is timely and meritorious.
The new Defence Minister was celebrated across all social media platforms by the latter group of Nigerians, while the other group expressed disbelief.
Well, the new Minister has assumed office and has started hitting the ground running from Friday, December 5, 2025.
However, a security analyst reached out to by this newspaper believed there is more to the going and coming of General Christopher, but which cannot be explained at the moment:
“Well, at this point, no one can really say much about the reason why he was sacked. If it was based on incompetence, then why is he back?” Mr. Yakubu said.
“Or could it be that he was sacked in order to prepare him for this current position?” our correspondent asked, and he replied, “No one can say.”
—
The Challenges Ahead For GC Musa
Speaking further with the security expert, Yakubu Mohammed, he noted that although the new Defence Minister had stated that he cannot afford to fail Nigerians as they are expecting much, it is a no-brainer that Nigeria’s security issue is complex and dynamic—rooted in a deep interplay of historical grievances, economic marginalization, ethno-religious tensions, poor governance, and environmental pressures.
He mentioned that each of the factors listed above has its challenges, and as such, Nigerians are beginning to ponder how GC Musa will handle them.
Ultimately, Mr. Yakubu asserted that:
“The chief architect of those factors that birthed insecurity is CORRUPTION. If GC Musa can conquer the corruption that awaits him in the Defence Ministry, he might get it right.”
He continued, “Some of the key layers of corruption and systemic issues that can cripple effectiveness are obviously poor equipment, leaked intelligence, and poor leadership (from bought promotions) leading to battlefield losses and inability to secure territory. Emphasis on the leaked intelligence.”
When asked to shed more light on the emphasis about leaked intelligence, Mr. Yakubu categorically stated that selling operational intelligence to insurgents or criminal gangs for personal gain severely compromises missions and endangers lives, and that boils down to “operational failure.”
The security analyst also mentioned that GC Musa needs serious reforms in the ministry in order to prevail, but which will not be feasible if senior military and civilian officials within the establishment who are vested in the existing corrupt system, sabotaging reform efforts to protect their interests, are not stopped.
Most importantly, Mr. Yakubu recommended that for the success of GC Musa, the Minister of State for Defence, Bello Matawalle, must be sacked.
“That former governor of Zamfara State serving alongside GC Musa must go.”
“People like Bulama Bukarti and Aliyu Ibrahim Gebi should serve alongside General Christopher,” he added.
When asked what his reasons are for recommending the sacking of Bello Matawalle, the analyst, without mincing words, said that Matawalle is an associate of some of the bandit leaders.
“Right from the time he served as Zamfara State governor to now, he has repeatedly had connections with bandit leaders—questionable connections.”
“Such a personality in that ministry is capable of sabotaging efforts to combat those terrorists,” he added.
Mr. Yakubu conclusively ended the interview by asking our correspondent an intriguing question:
“Why haven’t the security operatives captured Turji—the bandit lord, yet?”
A question in which an answer truly aligns with his take on the minister.
The security expert also suggested that:
“The military’s inherent culture of secrecy can be used as a shield to block necessary civilian oversight and transparency initiatives.”
But added that it will be difficult if Matawalle continues to be in the structure.
Ultimately, as explained by the security expert, the new Defence Minister’s biggest battle may not be against external adversaries, but against the entrenched “institutional corruption” within the defence establishment itself. Success will depend less on military strategy and more on courageous governance, systemic reform, and ruthless integrity.
News
Unregistered POS Operators Risk Ban as CAC Issues Registration Ultimatum
By Yusuf Danjuma Yunusa
The Corporate Affairs Commission (CAC) has mandated all Point-of-Sale (PoS) operators nationwide to register with the Commission by 1 January 2026, announcing that any unregistered operator will be prohibited from conducting business after that date.
In a public notice issued on Saturday, the CAC cited a significant increase in the number of unregistered PoS businesses across the country.
The Commission emphasized that operating an unregistered PoS enterprise is a violation of both the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s Agent Banking Regulations.
The CAC also faulted some fintech firms for onboarding unregistered agents, describing the practice as reckless and harmful to the stability of Nigeria’s financial system.
It warned that the trend exposes millions of Nigerians, including small business owners and rural users, to economic and investment risks.
“Fintechs enabling illegal operations will be placed on the watchlist and reported to the CBN. All operators are advised to regularise immediately. Compliance is mandatory
“Beginning from 1st January 2026, no PoS operator will be allowed to conduct business in Nigeria without completing full registration,” the CAC said
Nigerian Tracker News gathered that this is not the first time the call regarding enforced regulatory monitoring of the PoS has been made.
There have been several calls on the Central Bank of Nigeria (CBN) to take urgent steps toward curbing worsening cases of fraud affecting PoS businesses across the nation.
News
Governor Yusuf Congratulated Rear Admiral Chindo Yahya Usman, 4 Other Kano Indigenes
Kano State Government Congratulates Senior Military Officers of Kano Origin on their Promotion.
This was contained in a statement signed by Comrade Ibrahim Abdullahi Waiya, the State Commissioner of Information and Internal Affairs, on behalf of Governor Abba Kabir Yusuf. Waiya explained that the governor was delighted to celebrate the achievements of Kano indigenes who have risen to senior ranks in the Nigerian Armed Forces.
Among them is Rear Admiral Chindo Usman Yahaya, who was elevated to the rank of Rear Admiral. According to Waiya, Governor Yusuf described Yahaya’s promotion as a reflection of his professionalism and commitment to national service.
Rear Admiral Chindo Yahya Usman middle after his decoration
REAR ADMIRAL CHINDO USMAN YAHAYA DSS psc+ nwc+ usnwc MNIM IIPS FCPM BSc MSc
Commodore Chindo Usman Yahaya hails from Nassarawa Local Government Area of Kano State. He attended ‘Yansanda Primary School Tudun Wada, Government Secondary School Kawaji and Science Secondary School Dawakin Kudu, Kano State. He joined the Nigerian Defence Academy Kaduna in 1992 as a member of 44 Regular Course and was commissioned into the Nigerian Navy as Sub-Lieutenant in 1997.
The senior officer has attended several academic and military courses. Some of the military courses attended by the senior officer include Royal Navy Young Officers Course at the Britannia Royal Naval College Dartmouth United Kingdom (UK) and Sea time on board Her Majesty Ships CAMPBELTOWN and SANDOWN in the UK, Specialization Course in Communications and Information Technology (CIT) at Nigerian Navy Ship (NNS) QUORRA Apapa Lagos as well as Basic and Advance Military Police Courses at the Nigerian Army School of Military Police Basawa Zaria. Other courses were Junior and Senior Staff Courses at the Armed Forces Command and Staff College (AFCSC) Nigeria, Anti-Piracy/Anti-Terrorism Course in Pensacola Florida USA as well as Naval Command Course at the United States Naval War College, Newport Rhode Island USA.
Rear Admiral Yahaya has held several appointments both ashore and afloat. Some of the appointments are Ships Communication and Information Technology Officer NNS LANA, Instructor NNS QUORRA, and Military Coordinator/Camp Commandant in charge of Delta State in the Disarmament Phase of the Presidential Amnesty Programme for Niger Delta militants. He served as a Directing Staff at the AFCSC Jaji, Commanding Officer (CO) NNS YOLA and MV AMARYA in addition, Maritime Component Commander Operation AWATSE Lagos/Ogun States, CO Communication and Information Technology (CIT) School NNS QUORRA, CO Forward Operating Base IGBOKODA, Chief Instructor C Division Department of Maritime Warfare AFCSC Jaji Nigeria, CO NNS THUNDER and Directing Staff/Member of Faculty at the Naval War College Nigeria (NWCN), Calabar. Rear Admiral CU Yahaya was the Commandant Nigerian Navy Provost and Regulating School, Makurdi, Commander NNS DELTA, the Director Personnel Release, Navy Secretary Branch Naval Headquarters Abuja and Deputy Commandant/Director of Studies at the NWCN Calabar. Rear Admiral CU Yahaya is presently the Commander, Command Naval Drafting Lokoja.
Rear Admiral CU Yahayas academic qualifications are Masters of Science in Innovation and Strategic Management from Salve Regina University Newport Rhode Island USA, Bachelor of Science Degree in Physics from the Nigerian Defence Academy and Post Graduate Diploma in Electronics and Telecommunications Engineering from Obafemi Awolowo University Ile-Ife. The senior officer has attended several seminars, workshops and conferences both locally and internationally within the military, academia and others.
Rear Admiral CU Yahaya is a recipient of the Command at Sea Badge and his decorations are Distinguish Service Star (DSS), passed staff course Dagger (psc+), Distinguished fellow of the naval war college (nwc+), fellow of the US Naval War College and Eminent fellow of the Naval War College Nigeria. Also, he is a member of the International Institute of Professional Security, Member Nigerian Institute of Management and Fellow Chartered Public Manager. He is married and blessed with children. His hobbies are reading, jogging and watching documentaries.
The Kano State Government, under the leadership of Governor Abba Kabir Yusuf, joyfully congratulates the distinguished sons of Kano State who have been recently elevated to the prestigious ranks of Major General, Rear Admiral, and Air Vice Marshal in the Nigerian Armed Forces. Waiya emphasized that the governor sees these promotions as a source of pride for the state.
The State Government welcomes the promotions as well-deserved recognitions of the officers’ professionalism, dedication, and patriotic service to Nigeria. Waiya noted that Governor Yusuf expressed profound happiness that Kano continues to produce individuals who excel at the highest levels of national security leadership.
The newly promoted officers include:
Nigerian Army:
– Major General Sadisu Yahaya Yakasai
– Major General Sani Sulaiman
– Major General Samaila Musa Uba
Nigerian Navy:
– Rear Admiral Chindo Usman Yahaya
Nigerian Air Force:
– Air Vice Marshal Mukhtar Umar
As we celebrate and commend the officers for bringing honour to Kano State, we encourage them to continue to uphold the values of ethical standards, integrity, courage, and loyalty as they assume greater responsibilities. Waiya quoted Governor Yusuf as urging the officers to serve as role models and inspiration for younger generations aspiring to pursue a career in the military service.
His Excellency, Governor Abba Kabir Yusuf, prays for their continuous success and guidance from the Almighty as they carry out their duties in safeguarding the nation. Waiya concluded that the governor remains confident in their ability to strengthen Nigeria’s security architecture.
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SPECIAL REPORT: The Return of GC Musa and the Challenges Ahead
Kaduna State: A Phoenix Rising from the Ashes of Insecurity and Politics” By Zubair Abdurrauf Idris
Unregistered POS Operators Risk Ban as CAC Issues Registration Ultimatum
Governor Yusuf Congratulated Rear Admiral Chindo Yahya Usman, 4 Other Kano Indigenes
The Altercation Between Officer Yerima And The FCT Minister Wike: Nigerians Express Divergent Views
The Rise of Mamdani: Power Returns to the People
Remembering the Late Galadiman Kano, Alhaji Tijjani Hashim — A Legacy of Integrity, Wisdom and Service
A Governor on Guard: Gov. Yusuf’s Renewed Resolve to Secure Kano’s Frontline Communities
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Debunking the Myth of Christian Genocide in Nigeria: Unmasking America’s Militarism and Invasion Tactics
SPECIAL REPORT: The Return of GC Musa and the Challenges Ahead
Kaduna State: A Phoenix Rising from the Ashes of Insecurity and Politics” By Zubair Abdurrauf Idris
Unregistered POS Operators Risk Ban as CAC Issues Registration Ultimatum
Governor Yusuf Congratulated Rear Admiral Chindo Yahya Usman, 4 Other Kano Indigenes
The Altercation Between Officer Yerima And The FCT Minister Wike: Nigerians Express Divergent Views
The Rise of Mamdani: Power Returns to the People
Remembering the Late Galadiman Kano, Alhaji Tijjani Hashim — A Legacy of Integrity, Wisdom and Service
A Governor on Guard: Gov. Yusuf’s Renewed Resolve to Secure Kano’s Frontline Communities
New INEC Chief’s Shocking Past: Called Nigeria’s Violence “Genocide”
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