NCP Delists Cement Company, Others from BPE Monitoring

The National Council on Privatisation, (NCP) under the Chairmanship of the Vice President, Prof. Yemi Osinbajo, has approved the delisting of three privatised enterprises from routine monitoring activities of the Bureau of Public Enterprises (BPEs).

The NPE gave the approval after the firms fulfilled their covenants as identified in the Key Performance Indicators, (KPIs) contained in the Share Sale and Purchase Agreement,( SSPA) signed with the BPE.

The Firms include the Federal Superphosphate Fertilizer Company, Kaduna; Cement Company of Northern Nigeria: and Ikoyi Hotel (now Southern Sun) in Lagos.

In a statement issued in Abuja on Sunday, the Head, Public Communications, BPE, Ibeh Chidi, said that the delisting of the firms followed a request by the BPE to the NCP for approval at its maiden meeting for year 2022.

In its request, the bureau said in the statement that it had carried out a review of the enterprises in line with BPE’s mandate to manage post-privatisation issues of privatised public companies, adding that the bureau was satisfied that the core investors had ensured compliance with the stipulated covenants.

BPE disclosed that it had developed standard processes and procedures for delisting privatised enterprises which all privatised enterprises were bound to comply with before being recommended for delisting.

BPE said that in assessing the now delisted enterprises, it reviewed all the data submitted by the core investors in line with their KPIs as indicated in the SSPA.

It said the bureau then followed up with an on-the spot assessment of the companies to validate the data submitted which showed excellent performance.

The FSFC was incorporated in September 1973 with an installed capacity of 100,000 metric tonnes per annum and privatied in 2005. It was handed over to Messrs HEIKO Consortium in January 2006.

Ikoyi Hotel, also called Nigerian Hotels Limited, was established in 1932 and owned 100 per cent by the Federal Government.

It was privatised through asset 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, Sokoto, was inaugurated in 1967 with the Federal Government owning 45 per cent shares of the company.

In 2000, the Federal Government 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.

The bureau added that delisted enterprises would be presented with their discharge certificates later.