Adebayo Obajemu
Finally, Dangote Sugar Refinery has been given authorisation to acquire all the assets, liabilities and business undertakings, and property rights of Savannah Sugar Company Limited (SSCL).
This development was one of the resolutions passed at the court-ordered meeting of the members of Dangote Sugar Refinery Plc held on Thursday at the Eko Hotel & Suites, Victoria Island, Lagos.
In a notice of the proceedings sent to the Nigeria Stock Exchange, and gleaned by this newspaper Dangote Sugar Refinery “is hereby authorised to receive all the assets ((including all tax attributes, unutilized capital allowances, tax losses, withholding tax credits and any other tax refunds available subject to the approval of the FIRS), liabilities and business undertakings, including real property and intellectual property rights of Savannah Sugar Company Limited (“SSCL”) transferred by SSCL to the Company (pursuant to the Scheme of Arrangement between SSCL and its shareholders) upon the terms and agreement.
