Opposition says N20bn targeted from sale of 90m shares
Recent decision by the Benue State gov­ernment to offload over 30million shares of Dangote Cement held in trust for the indigenes by the Benue Investment and Property Company Lim­ited is now generating con­siderable worry for stake­holders in the state.
The share sell-off which is taking place on the floor ot the Nigerian Stock Ex­change, according capital market sources has so far re­sulted in the transfer of about 30million shares of the com­pany valued at over N7bil­lion from the initial over 90million shares retained as portfolio investment for the state and its parastatals to new investors.
Sources however said that the state government was intent on selling off all the outstanding shares before the 2015 general elections and may be targeting to rake in over N20billion from the exercise.
But other stakeholders op­posed to the transaction are insisting that if it is fully con­summated, the state would have lost all the shares in its portfolio investment in the cement manufacturing con­glomerate which is currently operating in over 13 African countries.
Checks reveal that many Benue indigenes were taken aback by the government’s decision which they argue would deprive the people of  their priced investment in Dangote Cement.
Meanwhile, leading oppo­sition figures in the state have queried the motive behind the sale while calling on the state government to urgently clear the air over the develop­ment to avoid any untoward reaction from the citizens.
They further questioned the rationale by the state government to deprive the citizens of what they termed, “this valuable investment,” at a time the company is doing well in the Nigerian capital market.
The agitated stakeholders however warned that if no action was taken to prevent the wholesale disposal of the shares, the state would be the looser, since the proceeds so far realized have not been invested in any profitable venture, nor disclosed to the State House of Assembly for appropriation as required by law.
To drive home their argu­ment, the concerned stake­holders cited the case of what transpired in Delta State where its shares in Airtel were disposed and the pro­ceeds invested as private eq­uity in the defunct Oceanic Bank where they may have lost their investment.
“We suspect the state gov­ernment is strategizing for the 2015 elections by the under­ground manner the share are being sold. Otherwise, what stops it from informing the citizens of the state about it”.
They also wondered why the consent of the State House of Assembly was not sought before the ongoing sale began, urging govern­ment to disclose where mon­ey realized so far from the transaction is kept.These and other pertinent questions will be asked by us , “an agitated opposition chieftain from the state said over the weekend.

Dangote Cement: Benue citizens kick over sale of 30m shares