NNMC SOLD FOR $ 51.5M

The Bureau of Public Enterprises has finally sold the Nigerian Newsprint Manufacturing Company, NNMC, Oku Iboku in Akwa Ibom at the sum of $51.5 Million.

At the opening of financial bids in Abuja last Wednesday, John Silver Nigeria Limited emerged the preferred bidder for offering to pay N6.5 billion for the company.

The nearest offer was $30 million (about N3.7 billion), made by O – Secul Nigeria Limited. Before the bids were opened, Director of Bureau of Public Enterprises, Mrs. Irene Chigbue said the preferred bidders must pay on time.

Mrs. Chigbue also maintained that they were expected to comply with the guideline for the payment in order for the transaction to be valid.

Also, before the bids for the NNMC were opened, the Liquidator of the firm, Otunba Olusola Adekanola asserted that government was selling the company so that it can be revived and not for asset stripping.

Source: The Pioneer