Friday, June 9, 2023
HomenewsKogi Govt Finally Seals Dangote Cement Factory Over Illegal Takeover, Tax Evasion

Kogi Govt Finally Seals Dangote Cement Factory Over Illegal Takeover, Tax Evasion

The Dangote Cement factory in Obajana, Kogi State, has been closed down by the Kogi State Internal Revenue Service (KGIRS).

On Wednesday afternoon, a staff member hint our correspondent that the development had occurred and that “in fact, I’m on my way home as we speak.”

Our correspondent gathered that the company had been sealed by the KGIRS due to tax fraud and acquisition issues.

The Kogi State House of Assembly reportedly supported the action.

According to Kingsley Fanwo, the Kogi State Commissioner for Information: “Pursuant to the Constitutional authorities of the Kogi State House of Assembly, and upon petition by the people of Kogi State, an investigation was carried out on the acquisition of Obajana Cement Company by Dangote Company.

“It was found that no valid acquisition took place, as Dangote could not show evidence of what was paid as consideration for the acquisition.

“The legislators invited the Chairman of the Company, Aliko Dangote, before the house for explanations but he failed to appear before the state assembly, giving excuses.

“The House of Assembly therefore ordered the closure of the company pending when they are able to present it with credible evidence of a valid acquisition.”

At 16.25Mta capacity across five lines, Dangote’s cement factor at Obajana is the largest of its three factories in Nigeria.

The company is owned by Dangote Group, which is founded by Nigerian business magnate, Aliko Dangote.

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