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BPE to Exempt Three Firms from Post-privatization Monitoring

The Nationwide Council on Privatisation (NCP) chaired by the Vice President, Prof. Yemi Osinbajo, has authorised the exemption of three privatised enterprises from the routine post-privatisation monitoring actions of the Bureau of Public Enterprises (BPE).

They embrace Federal Superphosphate Fertilizer Firm (FSFC), Kaduna; Cement Firm of Northern Nigeria (CCNN), Sokoto and Ikoyi Lodge (now Southern Solar), Lagos.

In a press release, BPE’s Head, Public Communications, Ibeh Uzoma Chidi defined that the exemption adopted the companies’ capacity to fulfil their covenants as recognized within the Key Efficiency Indicators (KPIs) contained within the Share Sale and Buy Settlement (SSAP) signed with the BPE.
The BPE had searched for NCP’s approval to exempt the businesses through the Council’s current assembly on the Presidential Villa, Aso Rock, Abuja.

In its request, the Bureau famous that it had carried out a assessment of the enterprises according to its mandate to handle publish—privatisation problems with privatised public corporations and was happy that the core buyers ensured compliance with the covenants.

BPE acknowledged that it had developed customary processes and procedures for delisting privatised enterprises which all privatised enterprises had been certain to adjust to earlier than being beneficial for delisting.

In assessing the now delisted enterprises, BPE mentioned it reviewed all the info submitted by the Core Traders in Line with their KPIs as indicated within the SSPA and adopted up with an on-the spot evaluation of the businesses to validate the info submitted which confirmed glorious efficiency.

FSFC was included in September 1973 with an put in capability of 100,000 metric tons every year and privatied in 2005. It was handed over to the core investor, Messrs HEIKO Consortium in January 2006, whereas Ikoyi Lodge additionally referred to as Nigerian Resorts Restricted which was established in 1932 and owned 100 per cent per cent by the federal authorities, was privatised via Property Sale to BETA Consortium Restricted with a bid value of $13,867,000.000 and handed to the investor in 2003.

The Cement Firm of Northern Nigeria Plc (CCNN), Sokoto was commissioned in 1967 with the federal authorities proudly owning 45 per cent shares of the corporate.
In 2000, the federal authorities shares had been divested via a strategic Core Investor sale/Preliminary Public Supply.

Throughout its privatisation, an already present shareholder and technical accomplice to CCNN, ScanCem/Dammnaz Worldwide Restricted emerged because the core investor of the corporate. In 2010, the corporate was acquired by BUA worldwide.

The delisted enterprises will probably be offered with their discharge certificates later. Supply: ThisDay

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