From nigeriafirst.org

BPE lists more companies for sale in 2004
By
08 January, 2004, 13:32

The Bureau of Public Enterprises has slated 11 companies for privatisation in the first quarter of 2004.

The companies are:

  • West African Refinery Company
  • Aluminium Smelter Company of Nigeria
  • Nigerian Unity Line
  • Non-Core Assets of the Nigeria Railway Corporation
  • Nigeria Truck Manufacturing
  • Nigerian Romanian Wood Company
  • Chemical Company, Senegal
  • The Rolling Mills
  • Afribank Nigeria Plc
  • Daily Times of Nigeria Plc.

Dr. Julius Bala, Director General of the Bureau said the sales of government’s interests in the companies would be completed by March 2004.

The BPE, he said, has also scheduled the end of 2005 for the privatisation of the following companies:

  • Vehicle Assembly Plants
  • Nigerian Telecommunications Limited (NITEL)
  • Nigeria Port Authority
  • NICON Insurance
  • Abuja Stock Exchange
  • National Economic Reconstruction Fund (NERFUND)
  • Nigerian Bank for Commerce and Industry
  • National Theatre

Dr Bala said that others on the long-term list have no terminal date. He listed in this category the National Electric Power Authority (NEPA), Nigeria Postal Service (NIPOST), Ajaokuta Steel Company, Onigbolo Cement, National Iron Ore Mining, Nigeria Coal Corporation, River Basin Development Authorities, Enugu Stadium, Ibadan Stadium, Bauchi Stadium and Durbar Hotel.

From nigeriafirst.org

Progress of Privatisation
By
25 June, 2003, 20:54

The Director-General of the Bureau for Public Enterprises (BPE), Nasir El-Rufai*, said on 24 June that the privatisation programme has yielded N57.6billion from 35 transactions in the last four years.

Government is expecting another N10.2billion from the sale of the National Fertiliser Company of Nigeria (NAFCON) and N3.1billion from the sale of the Iwopin Pulp and Paper Company.

The sum of N23.9billion was realised from the privatisation exercise at the end of the first phase, out of which N20billion was remitted to Government, while N44.541billion represents gross earnings from the second phase.

The following businesses are currently involved in on-going privatisation transactions:

  • Peugeot Automobile of Nigeria (PAN), Kaduna
  • Steyr Motor Company, Bauchi
  • Anambra Motor Manufacturing Company, (ANAMMCO), Enugu
  • Bacita Sugar Company
  • Nigerian Newsprint Manufacturing Company, Oku Iboku
  • Abuja Securities and Commodities Exchange
  • Nigerian Security and Minting Company
  • Tafawa Balewa Square
  • National Arts Theatre, Iganmu, Lagos
  • Lagos International Trade Fair Complex
  • Aluminium Smelter Company of Nigeria, Ikot Abasi
  • Delta Steel Company, Aladja
  • Jos Steel Rolling mill
  • Katsina Rolling mill
  • Oshogbo Rolling mill
  • Ihechiowa Oil Palm Company
  • Ore Irele Oil Palm Company
  • Nigerian Bricks and Clay Companies (a total of eight)
  • West African Refinery Company Ltd
  • Nigeria Telecommunications Ltd (NITEL)
  • Nigerdock
  • Electric Meters Company of Nigeria (EMCON)

Two companies that require major divestiture are:

  • Nigerian National Petroleum Corporation (NNPC)
  • National Electric Power Authority (NEPA)

This year the Bureau plans to sell NITEL’s shares to the public. Consequently, 25 percent of NITEL’s shares would be floated on the floor of the Nigerian Stock Exchange with an estimated valuation of N21 billion.

The BPE boss identified liberalisation, modernisation and rapid expansion of the telecommunications sector, through development of a stable, predictable legal and regulatory framework and policy, as the new challenges of the Bureau.

He also hopes to replicate the regulatory success recorded in the telecommunications sector in the power sector, and to attract private sector investment in the sustenance of uninterrupted and efficient services.

El-Rufai defined the objectives for the power sector as:

  • Promoting competition to facilitate the provision of services throughout the country
  • Creating a new legal and regulatory environment for the sector that establishes a level playing field to encourage private investment and expertise
  • Restructuring and privatising NEPA
  • Encouraging the successors to NEPA to undertake an ambitious investment programme

The four refineries owned by the Government are also slated for privatisation at a later stage. They are located in Port Harcourt, Warri and Kaduna. Other subsidiaries of the NNPC slated for privatisation are:

  • Petroleum Pipelines and Marketing Company (PPMC)
  • Nigerian Gad Company (NGC)
  • Eleme Petrochemicals Company

In the upstream sector, the BPE intends to privatise 11 oil service companies.

* Malam Nasir El-Rufai is now the Honourable Minister of Federal Capital Territory of Abuja, while the new Director-General of BPE is Dr Julius Bala.