Media reports indicate that Benue State in Nigeria is selling 30 million shares in Dangote Cement Plc. Benue Investment and Property Company Limited has been holding a total of 90 million shares in trust for the people of Benue. The 30 million shares are reportedly valued at more than N7 billion and are being sold on the Nigerian Stock Exchange. It is believed that the government plans to sell the remainder of the shares prior to the elections next year, hoping to earn N20 billion from the sale. This would leave Benue State without any further shares in Dangote Cement.
The rumours have caused concern among stakeholders, who believe that the government should hold on to some of the Dangote Cement shares. There are also questions about how the transaction is being carried out and where the proceeds will go, as little has thus far been made public about the sale.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/29092014/benue-state-reportedly-selling-off-shares-in-dangote-cement-566/