COVER
FG Frees Three Privatised Firms from BPE Monitoring Activities
Tony Obiechina, Abuja
The Federal Government has certified three privatised firms free from routine monitoring activities of the Bureau of Public Enterprises (BPE). The companies include, Federal Superphosphate Fertilizer Company (FSFC), Kaduna; Cement Company of Northern Nigeria (CCNN), Sokoto and Ikoyi Hotel (now Southern Sun) Lagos.
The National Council on Privatisation (NCP) at its maiden meeting for 2022 approved the delisting of the companies from monitoring as requested by BPE.
BPE in the request had noted that the companies had fulfilled their covenants as identified in the Key Performance Indicators (KPIs) contained in the Share Sale and Purchase Agreement (SSAP) signed with the BPE.In its request, according to a statement by Head, Public Communications of BPE, Ibeh Uzoma Chidi in Abuja yesterday the Bureau noted that it had carried out a review of the enterprises in line with BPE’s mandate to manage post—privatisation issues of privatised public companies and was satisfied the core investors had ensured compliance with the covenants.
BPE, stated that it had developed standard processes and procedures for delisting privatised enterprises which all privatised enterprises are bound to comply with before being recommended for delisting. In assessing the now delisted enterprises, BPE said it reviewed all the data submitted by the Core Investors in Line with their KPIs as indicated in the SSPA and followed up with an on-the spot assessment of the companies to validate the data submitted which showed excellent performance.
It would be recalled that FSFC was incorporated in September 1973 with an installed capacity of 100,000 metric tons per annum and privatied in 2005. It was handed over to the Core Investor, Messrs HEIKO Consortium in January 2006.While Ikoyi Hotel also called Nigerian Hotels Limited was established in 1932 and owned 100% percent by the Federal Government, was privatised through Assets Sale to BETA Consortium Limited with a bid price of $13,867,000.000 and handed to the investor in 2003. The Cement Company of Northern Nigeria Plc (CCNN), Sokoto was commissioned in 1967 with the Federal Government owning 45% shares of the Company.
In 2000 the FG shares were divested through a strategic Core Investor sale/Initial Public Offer. During its privatisation, an already existing shareholder and technical partner to CCNN, ScanCem/Dammnaz International Limited emerged as the core investor of the company. In 2010, the company was acquired by BUA international. The statement said the delisted enterprise will be presented with their discharge certificate later.
By Tony Obiechina, Abuja
Jaiz Bank has expressed satisfaction with its financial performance of crossing the one trillion Naira threshold in total assets, which improved from N580bn in 2023 to N1.08trn in 2024, a significant growth of 86%.The pioneer non-interest bank’s profit before tax grew from N11.
05bn in 2023 to N24. 44bn in 2024, an increase of 121%.Managing Director/CEO of the Bank, Haruna Musa disclosed this after the successful conclusion of their 2024 Annual General Meeting on Wednesday. Musa said the Cost-to-Income Ratio improved to 60.42% from 65.26%, reflecting enhanced efficiency in their operations, while customer deposits grew remarkably by 94% to N904bn, demonstrating increasing public confidence in Jaiz Bank.He also pointed out that ‘Capital Adequacy Ratio strengthened to 23.87% from 17.96%, which further reinforced the stability and soundness of the bank, Net risk assets and investments rose by 88% to N671bn, while our Statutory Liquidity Ratio improved to 47.35% from 37.24%.’In addition, Gross earnings grew by 75%, rising to N82.87bn in 2024 from N47.24bn in 2023.The managing director posited that “These achievements underscore our unwavering commitment to delivering sustainable value, promoting ethical banking, and supporting Nigeria’s economic development.”Musa further noted ‘Our results reflect not only the resilience of our business model, but also the trust and confidence reposed in us by our shareholders, customers, and stakeholders
By Attah Ede, Makurdi
Suspected armed herders yesterday launched fresh attacks on Egwuma and Ogbai communities in Agatu Local Government Area, killing a woman, her son and two others.Local sources said two more residents were still missing at the time of filing this report.
A resident, Inalegwu, told DAILY ASSET that the victims were attacked while working on their farms. Confirming the incident, the Chairman of Agatu LGA, Melvin James, described the killings as “Senseless and barbaric. ”“This was an unprovoked attack on innocent villagers. A mother and her son were killed on their farm in Egwuma, while two others were killed in Ogbai,” he said, noting that security operatives were on surveillance in other areas when the attack occurred.When contacted, the Police Public Relations Officer (PPRO), Udeme Edet said she was yet to receive the official report, while the governor’s Special Adviser on Security and Internal Affairs, Joseph Har, also requested confirmation from the affected council chairman.IGP Approves New Area Commands, Police DivisionsMeanwhile, the Inspector General of Police (IGP), Kayode Adeolu Egbetokun, has approved the creation of two additional Police Area Commands and the upgrading of five Police Stations to Divisional status in Benue State.This was disclosed in a statement issued on Wednesday in Makurdi by the Police Public Relations Officer (PPRO), DSP Udeme Edet.According to Edet, the new Area Commands are Daudu and Naka, while the upgraded Police Stations are Ayilamo, Yelwata, Jato-Aka, Okpokolo, and Agan.She explained that the restructuring was necessitated by the security challenges facing the state, particularly in troubled local government areas.The Daudu Area Command will oversee Guma, Daudu, Yelwata, and Agan Divisions, while the Naka Area Command will supervise Naka, Apa, Agatu, and Okpokolo Divisions.“This adjustment will help bridge gaps between the police and residents, improve response to distress calls, and enhance conflict resolution between farmers and herders,” Edet stated.The Commissioner of Police in the state, Emenari Ifeanyi, commended the IGP for the initiative and also praised Governor Hyacinth Alia for supporting security efforts in Benue.
By David Torough, Abuja
Nigeria’s crude oil production has continued to fall short of its vast reserves, a situation the Nigerian National Petroleum Company Limited (NNPCL) said must change urgently if the country is to achieve its full economic potential.Group Chief Executive Officer (GCEO) of NNPCL, Bayo Ojulari stated this yesterday at the 4th Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) Energy and Labour Summit (PEALS) in Abuja, where he emphasized that “Every barrel counts, every molecule of gas counts.
”Ojulari noted that despite Nigeria’s position as Africa’s top oil producer, its output still lags behind expectations. He stressed that the NNPCL is working to unlock stranded assets, secure facilities in the Niger Delta, and drive incremental growth through partnerships, innovation, and data-driven strategies.He said resilience in the oil and gas industry is “A national responsibility,” anchored on operational excellence, fiscal discipline and regulatory compliance.According to him, the NNPCL is embedding a zero-harm culture, prioritizing host community safety, reducing carbon emissions and investing in gas as a transition fuel.The summit, themed; “Building a Resilient Oil and Gas Sector in Nigeria: Advancing HSE, ESG, Investment and Incremental Production,” drew top government officials, labour leaders and industry stakeholders.PENGASSAN President, Festus Osifo, who doubles as the President of the Trade Union Congress (TUC), warned that no worker’s life should be sacrificed in the name of resilience.“The true measure of stewardship is ensuring every worker returns home safely,” Osifo said, condemning recent incidents where oil workers operated under unsafe conditions without proper gear. He demanded strict accountability from operators.On environmental concerns, Osifo declared: “Gas flaring must end. Polluted sites must be restored. Accountability must be enforced for today and for generations to come.”He added that protecting workers, communities and the environment must remain central to Nigeria’s energy development, warning against unsafe practices and calling for robust safety processes, transparent reporting, and advanced technologies across oil and gas installations.Ojulari urged stakeholders—government, labour and investors to align policies and create a stable environment that will attract both local and foreign capital, while Osifo insisted that resilience must be people-centered and environmentally responsible.The Abuja summit ended with a renewed call for collective action to ensure Nigeria not only meets its production targets but does so in a way that protects workers, communities and the environment.
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