3 privatised firms free from BPE’s monitoring activities

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

This is after they had fulfilled their covenants as identified in the Key Performance Indicators (KPIs) contained in the Share Sale and Purchase Agreement (SSAP) signed with the BPE.

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The companies are Federal Superphosphate Fertilizer Company (FSFC), Kaduna; Cement Company of Northern Nigeria (CCNN), Sokoto; and Ikoyi Hotel (now Southern Sun), Lagos.

“Their delisting followed a request by the BPE to the NCP for approval at its maiden meeting for 2022 which was held for two days (Monday, January 31, 2022 and February 1, 2022) at the Presidential Villa, Aso Rock, Abuja.

In its request, the bureau noted 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 and was satisfied the core investors had ensured compliance with the covenants’’, a statement by BPE said yesterday.