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ADVERTORIAL

RE: CAVEAT EMPTOR

The attention of the Bureau of Public Enterprises (BPE), Secretariat of the National Council on Privatisation (NCP) has been drawn to a publication on page 48 of the Vanguard Newspaper of Monday, November 9, 2020 titled: Caveat Emptor by the Asset Management Corporation of Nigeria (AMCON) under its Act 2010 (as amended) insinuating as follows:

  1. That AMCON acquired the ownership of the entire assets of Delta Steel Company Ltd (DSC) excluding any liabilities and has effectively put Premium Steel and Mines Limited (PSML) in the management, control and exclusive possession of the entire assets.

 

  1. That the assets which AMCON acquired and put PSML in control, management and in exclusive possession of, include the entire plants and machineries in the Steel Plant, lands and landed properties in the Steel Plant, slag dump site, the industrial area on both sides of the DSC Express Road just before the steel plant, the Captive power plant site opposite the steel plant all located in Ovwian /Aladja, Ujevwu Borehole site & water pipeline right of way, offices and facilities like vocational center, shopping plaza etc at Steel Township-1 (excluding the residential houses), sites earmarked for developments in steel township1, EGC Yard and Environ, Steel Township 2, Steel Township 3, (including works yard) Steel Township 4,  Township extension sites, and all the schools (Nursery, Primary and Technical High School, including DSC Model Primary School 2), the land off Port Harcourt Drive & Environ (excluding priority housing area), the land around NITEL Mast up to flyover terminating at Otor Udu/Ughelli Road, Land around the DSC Sewage, Lagoon along DSC Express Road opposite Motor park, all of which are in Udu LGA of Delta State, Air Strip at Ovwodokpor also in Udu LGA of Delta State, recreational area north of Warri River in Ogbomoro and Ugbolokposo Towns in Uvwie Local Government Area of Delta State, measuring approximately 5.917 hectares, recreational area at South of Warri in Otokutu town, Ughelli South Local Government Area of Delta State measuring approximately 1.347 hectares and land contained in Island in Warri River and North of Otokutu town approximately measuring 2.827 hectares, amongst others located in Delta State.

 

  1. That all supposed land acquisitions or any other transaction in the land in the above mentioned areas carried out by or with the Bureau of Public Enterprise (BPE), Mr. Dan Odiete (trading under the name and style of Dan Odiete & Co), Mr. Richardson Osifo, or any other supposed vendor and trespassers to the land is null, void and of no effect whatsoever.

 

  1. That the Bureau’s earlier publication in the Urhobo Voice Newspaper of 18th July 2016 and any other National dailies or in any other document authorizing Dan Odiete & Company or Richardson Osifo to sell, lease and/or deal on the following properties or any other DSC assets listed above is completely invalid, illegal and of no moment whatsoever. The properties include but not limited to:
  2. Land around NITEL Mast up to the flyover terminating at Otor Udu/ Ughelli Road
  3. Land around the DSC Sewage Lagoon along DSC Express Road, opposite Motor Park
  4. Township Extension Sites, Orhowhorun and environ
  5. Airstrip site, Ovwodokpokpor and environ
  6. Uncompleted Office Block on 2nd Floor, DSC Steel Township
  7. Training Center and Environ with uncompleted buildings
  8. EGC Yard and Environs with uncompleted buildings
  9. DSC Model Primary School 2, DSC Township and
  10. Land off Port Harcourt Drive and Environ

 

BPE as the secretariat of the  National Council on Privatisation (NCP) wishes to state that  as a   policy, it does not engage in media war with its stakeholders particularly sister agencies on its activities  but since  the said publication is laced with half-truths, deliberate  falsehood and completely misleading, we wish to put the records straight as follows:

 

  1. That the National Council on Privatisation (NCP) of which BPE is the Secretariat, in 2005 approved the sale of only the Core Assets in the industrial area of Delta Steel Company which comprise of the Steel Plant along with the machineries to Global Infrastructure Nigeria Limited (“GINL”).

 

  1. The sale was effected in accordance with NCP approved guidelines vide a Share Sale/Purchase Agreement (SPA), dated 8th February, 2005 between Federal Government represented by the Bureau of Public Enterprises (BPE) and the Core Investor; Global Infrastructure Nigeria Limited (“GINL”).

 

  1. By the provisions of the SPA, all the non-core assets comprising Township 1, 2, 3, 4, and the Airstrip were never part of the assets that were sold to GINL and are consequently assets belonging to the Federal Government and under the management and control of the BPE.

 

  1. Township 1 of the Housing Estate was to be sold and the monies realized from the sale were to be applied in “the settlement of Pension liabilities of the former staff of Delta Steel Company Limited.

 

  1. The NCP/BPE appointed the firm of Dan Odiete & Company as its facility managers to exclusively undertake the management and sale of Townships 1,2,3,4 Housing Estates and the Air strip.

 

  1. Accordingly, no other party, including AMCON has any legal right or authority whatsoever to deal or transact any business with respect to Delta Steel Company’s Townships 1,2,3,4, the air strips or any other property therein.

The General public is therefore advised to discountenance the said report as published in the Vanguard newspaper and   to be appropriately guided.

 

Signed: Management