The Federal Government would commence the process of privatizing the Nigerian Gas Company (NGC) and the  Petroleum Pipelines and Products Company (PPMC) from the end of this month.
A statement by the Bureau of Public Enterprises (BPE) in Abuja, yesterday, said the two firms would be fully privatized latest October, next year.

“A key transaction in the plan is the privatization of Petroleum Pipeline Marketing Company (PPMC) which will go through privatization process from October 2008 to October 2009. So too will the Nigeria Gas Company (NGC) go through privatization process from September 2008 to June 2009.

“The BPE will initiate and seal the process of selling the outstanding 15% government equity in Eleme Petrochemical Company Limited (EPCL) to workers (2.5%) and host community (7.5%) from October 2008 and March 2009”, the BPE said in the statement signed by its spokesman, Mr. Chigbo Anichebe.

It said the BPE would undertake about 105 transactions as from this year in what appears to be a re-invigoration of the privatization programme which had slowed down lately.

The decision to put give the programme a new impetus was taken at the 55th meeting of the National Council on Privatization (NCP), held on Monday.

Another key decision of the meeting was that the on-going privatization of Nigeria Telecommunications (NITEL/MTEL) for which BNP Paribas has been appointed Transaction Advisers would be completed within the next three to four months.

“Advert for Expressions of Interest (EOIs) by core investors is expected to commence immediately; issuance of Request for Proposals (RFP) to bidders, November 3; access to data room and site visits as well as management presentation, and finalization of transaction documents, November will conclude by November.

“Preparation and submission of technical and financial bids with 50% of bid amount will commence in January 2009 while the evaluation of technical proposals will conclude by late January and the approval of technical evaluation by Technical Committee and NCP will commence shortly after; Financial bid opening is expected by end of January and approval of financial offer by NCP will extend to February 2009 and negotiation/signing of Share Sale Purchase Agreement after full payment and hand over is also expected to take place in February.

“The BPE will also resolve the recapitalization issue of NICON Insurance and put on public offer the remaining 30% government shares in the company from August 2008 and May 2009. Going for public offer too are the remaining 49% government shares in Nigeria Re between September 2008 and July 2009 and remainder of Federal Government shares in Transcorp Hilton, November 2008 to September 2009.

“The deferred public offer of the remaining government shares in NIGERDOCK Plc will also be sold by the Bureau from October 2008 to March 2009”, it said.

According to the BPE, seven coal blocks in Okpara, Onyeama, Amasiodo, Ezima, Inyi, Ogwashi-Azagba and Owukpa will be privatized in conjunction with the Ministry of Mines and Solid Minerals from October 2008 and November 2009.

“Outstanding issues in privatized eight oil service companies will be resolved from next month to January 2009. The remaining two – Sante Fe Nigeria limited and ACM Nigeria Limited – will be privatized.

“Commercialization will return to the front burner in earnest vigorous commercialization of four media enterprises – Nigeria Television Authority (NTA), Federal Radio Corporation of Nigeria (FRCN), News Agency of Nigeria (NAN) and Nigeria Film Corporation from October 2008 to March 2009.

“On the commercialization slab too from March 2008 to 2010 are seven national parks – Chad Basin National Park, Cross River National Park, Gashaka Gumti National Park, Kainji Lake National Park, Kumuku National Park, Okomu National Park and Old Oyo National Park.

“Also in the commercialization train are 11 River Basin Development Authorities (RBDAs). They are: Anambra-Imo, Ogun-Osun, Hadejia Jama’are, Sokoto Rima, Upper Niger, Lower Niger, Chad Basin, Upper Benue, Lower Benue, Niger Delta, Cross River and Benin Owena.

“On-going postal sector reform and restructuring of NIPOST will be intensified from this year to 2010 by the BPE. The privatization of the power sector will recommence in 2011”.

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