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BPE Hands Over FG’s Stake In SPDC To NNPC

The Bureau of Public Enterprises (BPE) has formally handed over the federal government’s 51 per cent shareholding, representing 1,061,814 million shares, in the Stallion Property and Development Company (SPDC) to the Nigeria National Petroleum Corporation (NNPC) Pension Fund Limited (PFL) in fulfillment of the 2006 approval granted by the National Council on Privatisation (NCP).

DG-BPE-Benjamin-DikkiPerforming the handover ceremony, yesterday, in Abuja, the director-general of the BPE, Mr Benjamin Dikki, said that the handover of the SPDC to the NNPC PFL was an outcome of seven years of unwavering desire, determination and commendable perseverance by the management and staff of the SPDC/NNPC PFL.

Dikki commended the SPDC/NNPC for their patience despite irregular salaries, and revocation threats from the FDA for the transaction to be completed so that the SPDC could be free to compete unhindered and take its rightful place in the real estate sector.

He said, “Having concluded the transaction, it is, therefore, apt to point out that available statistics shows that the housing deficit in Nigeria is about 17 million units. The BPE is currently working with the Federal Ministry Of Lands, Housing and Urban Development on the reforms and restructuring of the housing sector. There is, therefore, a huge opportunity to be tapped into by the SPDC in the sector.

“We would like to encourage the NNPC PFL to work hard and inject funds in the SPDC in order to harness these huge opportunities and build a viable company, create more employment and add value to the Nigerian economy.”

Speaking earlier, the managing director of the NNPC PFL, Mr Danbello Sanni, described the occasion as “a dream come true in the life of the SPDC as a leading property development company in Nigeria,” and assured that everything would be done to realise the motive for the transfer of the 51 per cent stake to the PFL.

At the meeting of the NCP held on October 31, 2013, the BPE sought the council’s approval for the privatisation of the federal government’s 51 per cent shares in the residual assets of the SPDC to the NNPC PFL. The request was predicated on an earlier approval granted in 2006 that the proceeds from the divestment of federal government’s 51 per cent shareholding in the SPDC be used to partly bridge the funding gap in the NNPC staff pension fund.

(Culled from http://leadership.ng)

December 17, 2014

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