- …Hands over IPPC paper to BETCO
By Etuka Sunday
The Federal Government has reiterated its commitment to revive the nation’s paper manufacturing companies.
This it said was to make Nigeria self-sufficient in paper products in line with the transformation agenda of President Goodluck Jonathan.
A statement by the Head, Public Communications, BPE, ChigboAnichebe quoted the Vice President of the Federal Republic of Nigeria and Chairman of the National Council on Privatization (NCP), Arc. Mohammed NamadiSambo to have stated it at the handover of Iwopin Pulp and Paper Company Limited (IPPC) to Beulah Technical Services Company Limited (BETCO) in Ogun State.
According to the statement, the Vice President was represented by the Director General of the Bureau of Public Enterprises, Mr. Benjamin Dikki.
He said, “This transaction started 11 years ago, but was only resolved in 2013 due to the willingness of the administration of President Goodluck Jonathan to abide by the dictates of the law”.
He further advised the core investor that the role of BPE did not stop with the handover; adding that the BPE would continue with its monitoring responsibilities as enshrined in the Share Sales and Purchase Agreement (SPA).
He said that “Monitoring and enforcement is to ensure that the investor complies with the spirit and letter of the covenants in the SPA and implements the Post Acquisition Business Plan (PAP)”.
He however reassured that given the technical, managerial and capital investment plan presented by BETCO in the PAP, Federal Government was confident that BETCO was equipped to revive IPPC.
Earlier, Chairman of BETCO, Dr. Tunji Braithwaite said that his belief in Nigeria and the Nigeria legal system kept his hope alive for the past 11 years it took to assume control of IPPC.
He reassured the community that BETCO would be alive to its Corporate Social Responsibilities to create jobs for the immediate community and Nigeria at large and improve the economy of the area and by extension, Nigeria.
