The Bureau of Public Enterprises (BPE) has issued discharge certificates to three privatized enterprises which were earlier de-listed from monitoring activities by the Bureau.
The companies are, Cement Company of Northern Nigeria (CCNN) located in Sokoto State; Federal Superphosphate Fertilizer (FSFC), Kaduna State and Ikoyi Hotels Ltd. (Southern Sun), Lagos State.
Presenting the certificates to the de-listed companies in Abuja, the Bureau’s Director, Mr. Alex Okoh said that the ceremony was as a result of the fulfillment of the covenants stipulated in the Post-Acquisition Plan (PAP) by the enterprises.
Okoh noted that during the Bureau’s routine monitoring on the three delisted enterprises, the core investors were found to have achieved all; and in some instances, exceeded the obligations they covenanted to, in their respective PAPs.
He explained that it was on the account of the achievements of the core investors “that the National Council on Privatisation (NCP) granted approval for the delisting of the enterprises”, adding that government would continue to support credible private sector investors in the country by providing a conducive environment for business to thrive and ensure the continued growth and development of the economy.
The Director General maintained that despite their discharge from regular monitoring activities, the Bureau would occasionally request for information or visit the enterprises in order to report on their performances as showcases of the privatisation and reform programme of the Federal Government.
In their comments at the event, representatives of the three delisted enterprises lauded the privatisation programme of the Federal Government and assured that they would promptly respond to requests by the Bureau.
In his remarks, a director of former Ikoyi Hotels, now Southern Sun, Mr. Ernest Oji, noted that since the acquisition of the hotel, the new owners had turned around the enterprise and employed over 300 workers who are well catered for even as he revealed that billions of naira in taxes were being remitted to the Federal Government yearly.
It would be recalled that FSFC was incorporated in September 1973 with an installed capacity of 100,000 metric tons per annum and privatized in 2005. It was handed over to the Core Investor, Messrs HEIKO Consortium in January 2006.
While Ikoyi Hotel, also called Nigerian Hotels Limited, was owned 100% percent by the Federal Government, it was privatised through Assets Sale to BETA Consortium Limited with a bid price of $13,867,000.000 and handed to the investor in 2003.
The Cement Company of Northern Nigeria Plc (CCNN), Sokoto was commissioned in 1967 with the Federal Government owning 45% shares of the company. In 2000, the FG divested its shares through a strategic Core Investor sale/Initial Public Offer.
During its privatisation, an already existing shareholder and technical partner to CCNN, ScanCem/Dammnaz International Limited emerged as the core investor of the company. In 2010, the company was acquired by BUA international.
