Imo privatises transport corporation

National Mirror

14 November 2011

Imo privatises transport corporation

Imo State Municipal Transport Service The Imo State government has privatised the states transport corporation; it was learnt at the weekend.

The contract was given out to a private company known as Global Ginikana for N360m out of which the company had paid N200m. The contract was signed by the Special Duties Commissioner, Chief Ezerioha on behalf of the state government without an input of the current management of the corporation led by the General Manager, Chief Bennett Achionu.

This has led to the puzzle why would the Imo State government privatise a state-owned company that rakes in N10m monthly to the state governments coffers? This is the question on the lips of people of the state who woke up last week to observe that the Imo Transport Corporation (ITC) has joined the league of state-owned companies in the state that have been privatized.