BPE denies illegal sale of 5% Federal Government stake in Eleme Petrochemical

13-Aug-11

The Bureau of Public Enterprises (BPE) has denied selling the 5% Federal Government shares in Eleme Petrolchemical Co Ltd. illegally for N4.375 bln to Inorama, as per NIgerianpilot. A statement, its spokesman said the bureau has always adhered to the National Council on Privatization’s approval for sales of government entities, that the Eleme Petrochemical transaction was not an exception. He elaborated that EPCL was about to embark a on multi-billion dollar expansion programme, and that the inherent threat of FGN’s five per cent shareholding being diluted as a result of recapitalization, necessitated the decision by the Technical Committee of the National Council on Privatisation to negotiate the price for the sale of the shares, on the understanding that the approval of the National Council on Privatisation would be obtained before closure of the transaction.”