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BPE Delists Grand Hotel Kano From Routine Monitoring

The Bureau of Public Enterprises (BPE) on Thursday stated that it had delisted Grand Central Hotel, Kano from its routine monitoring activities following the hospitality industry player’s fulfillment of all covenants stipulated in the Share Sale and Purchase Agreement (SSAP).

The delisting ceremony, which was performed in the Bureau’s headquarters in Abuja on Wednesday, was witnessed by the top Management of the BPE, Grand Central Hotel, Kano and representatives of other key sectors of the economy.

A statement issued by the Bureau’s Head, Public Communication on the event, Amina Tukur Othman, quoted the Director General of the privatization agency, Mr. Alex Okoh, as saying that the ceremony “is a positive attestation to the privatisation and commercialisation programme of the Federal Government.

“This ceremony is in line with our extant practice and the recent approval of the National Council on Privatisation (NCP) at its meeting held on February 25, 2021 for the Kano Central Hotel to be delisted from BPE monitoring activates having satisfactorily achieved covenants stipulated in the Post-Acquisition Plan (PAP)”, he added.

Okoh expressed delight that from the Bureau’s monitoring activities Broadfield International limited-owner of the Hotel has fulfilled and exceeded the performance obligations spelt out in Post-Acquisition Plan (PAP).

It would be recalled that Federal Government, through BPE in 2005, had divested 100% of its equity in the hotel to Broadfield International Limited through Asset Sale wherein the company was required to submit a Post-Acquisition Plan which was annexed to the Share Sale and Purchase Agreement (SSAP) and signed by the Core investor.

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