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BPE Formally Presents Discharge Certificates To Three Privatised Firms

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The Bureau of Public Enterprises (BPE) has officially presented discharge certificates to three privatized enterprises which were earlier delisted from monitoring activities by the Bureau.   

They 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 delisted companies on Wednesday, March 9, 2022, in Abuja, Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. 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 added that “it is on this note that the National Council on Privatisation (NCP) granted approval for the delisting of the enterprises,” adding that the Federal 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.

Okoh 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.

Representatives of the three delisted enterprises, all commended the privatisation programme of the Federal Government and assured that they would promptly respond to requests by the Bureau.

For a director of former Ikoyi Hotels, now Southern Sun, Mr. Ernest Oji, since the acquisition of the hotel, the new owners have turned around the enterprise and employed over 300 workers who are well catered for even as he revealed that billions of naira in taxes are being remitted to the Federal Government.

It would be recalled that FSFC was incorporated in September 1973 with an installed capacity of 100,000 metric tons per annum and privatied 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 established in 1032 and owned 100% percent by the Federal Government, 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 shares were divested 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.

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