'Acquisition of Delta Steel Company Was Transparent'

This Day

7 September 2011

'Acquisition of Delta Steel Company Was Transparent'

Abuja — Global Infrastructures Nigeria Limited (GINL) yesterday said the process leading to its acquisition of Delta Steel Company (DSC), Aladja was transparent and observed due process.

It said that the processes leading to the purchase and subsequent acquisition of DSC ensured strict adherence to international standard of practice in the privatisation of public enterprises and that BUA international limited was never declared a preferred bidder in the whole privatisation process.

A statement from the Joint Managing Director of DSC Limited, Dr. Sam Nwabuokei, which was made available to THISDAY in Abuja, stated that GINL had acquired 80 per cent shares of DSC through the option of a willing seller/willing buyer strategy which was adopted by the Bureau of Public Enterprises (BPE) after it had considered the financial bids of buyers for DSC inadequate and unacceptable.