Daily Trust
10 August 2011
The Bureau of Public Enterprises (BPE) illegally sold Federal Government's 5 percent equity shares in Eleme Petro-Chemical Company Limited (EPCL) Port Harcourt to the Indian conglomerate Indorama for N4.375 billion naira, the Senate ad-hoc committee investigating the government's privatisation and commercialization program since 1999 heard yesterday.
The Senators discovered that, contrary to provisions of the Public Enterprises Privatisation and Commercialisation Act of 1999, which stipulates that the government must retain five percent shares in a privatised company, BPE under the current Director General Ms Bolanle Onagoruwa approached Indorama and offered to it the Federal Government's remaining five percent in the privatised petrochemical firm.
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