Nigeria?s Benue Investment and Property may sell the remaining Dangote Cement shares on the Nigerian Stock Exchange. The stocks may trade at NGN20bn (US$122m). With this sale, Benue State will have divested its entire stake in the cement company. The stakeholders are not pleased with this move and have questioned the state government?s rationale to deprive its people of what they termed a ?valuable investment?, at a time when Dangote Cement, which accounts for 20 per cent of market capitalisation, is doing well on the Nigerian exchange.
The previous sale of the shares erased about 30m shares valued at over NGN7bn of the original 90m shares, which Benue State held in Dangote Cement.