In a move to stimulate economic rejuvenation and employment opportunities, the Government of Cross River State has opened bidding for the privatization of four State-owned industrial assets that have been moribund for years.
These assets, include, the Boki and Nsadop Oil Palm Estates, Fish Hatchery in Ugboro, Bekwarra Local Government Area, Durafoam Industries in Ikom Local Government Area, and Ibonda Fish Hatchery in Odukpani Local Government Area.
In a press statement issued by Governor Bassey Otu’s Chief Press Secretary, Nsa Gill, stated all the aforementioned assets were solely owned by the State Government without any liabilities, the State Privatisation Council, said.
BusinessDay reports that the technical bidding session was conducted at the Cross River Bureau of Public Procurement (BPP) Office, where investors expressed satisfaction with the bidding procedures.
During the event, Bassey Okon, Chairman of the Cross River State Privatization Council, underscored the Council’s dedication to meticulous evaluation of bids received.
“We will carefully assess your technical expertise and capability to efficiently manage the companies to achieve the objectives of this privatization initiative,” he stated.
The Privatization Council Chairman noted that after the bids evaluation, successful bidders would be invited to inspect the companies they are interested in and subsequently submit their financial proposals.
Read also: Shettima says privatisation must resonate in the lives of Nigerians
Okon reassured participants that the process was designed to be transparent and adhered to due process, essential for upholding trust in the privatization exercise.
Highlighting the Government’s broader vision, Okon emphasized that the State is committed to creating a conducive environment for investors.
“The privatization aims to enhance operational efficiency, create employment opportunities, and boost the state’s revenue base.
“We are confident that the communities hosting these assets will benefit significantly in terms of employment and infrastructure development once the privatization is completed,” he said.
He commended the State governor, Bassey Otu, for approving the privatization the moribund industries, noting that the previous administrations had attempted but failed to privatize these assets.
Sunday Ekeke, Chief Executive Officer of Sunfil Goldenroll Nigeria Limited, a bidding company, commended the Council for its transparency throughout the technical bidding process. He expressed confidence in the Council’s commitment to transparency throughout the bidding process.
As the open competitive bidding process progresses, the Council’s Chairman, said that the Cross River State Government remains committed to ensuring that the privatization of these dormant assets leads to sustainable economic growth and enhances the quality of life for its residents.
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