27 C
Saturday, October 24, 2020
- Advertisement -

Asset Sale Will be Transparent, says Delta


We Must Get Children Back to Learning – But Business As Usual is Not an Option By Jutta Urpilainen and Henrietta Fore

A global joint op-ed by the EU and UNICEF on education for children “One child, one teacher, one book,...

Subjecting Anti-SARS Agitation to Political Interpretation is Jejune Partisan Stimulus By Chris Okotie

Chairman Mao once posited that if the people no longer fear your power, it is because another power is on its way....

Deja Vu – In Tragic Vein By Wole Soyinka

I arrived home from external commitments just over a week ago to an extraordinary homecoming gift. It took the form of a...

Farewell to a Pioneering African Bard By Adekeye Adebajo

John Pepper Clark-Bekederemo, the Nigerian poet and playwright and a pioneering post-independence writer, died on October 13 at the age of 85....

The Delta state government says that the sale of its shares in Transcorp Ughelli Power Limited and Midwestern Oil and Gas Company Limited was executed in a transparent manner.

Chike Ogeah, Delta’s Commissioner for Information said that given the significant decline in the resources available to the state government as a result of the low oil prices, the Governor Emmanuel Uduaghan administration decided to unload its shares in the two companies in line with the Fiscal Responsibility Act. He said the state had decided to liquidate some of its assets as a result of the precipitous decline in the its monthly statutory allocations.

Mr Ogeah explained that the asset disposal would be done in line with extant laws and that reputable financial advisers would be involved in the process. “The amount mentioned as realizable is only a benchmark based on the evaluation of current market trends by the financial advisers. In effect, actual sale could see more money being realized. It could also be less. As part of the adherence to due process, existing shareholders in the two companies will exercise the right of first refusal in deference to the articles of association of both companies,” said Ogeah.

Mr Ogeah said that Delta expected to make a huge profit from the sale. He implied that the controversy generated by the proposed sale was the work of certain partisan politicians. “We are aware of the fact that in these political times, even the most altruistic policy decisions will be subjected to mischievous interpretations by political jobbers,” he said.

- Advertisement -


Please enter your comment!
Please enter your name here

- Advertisement -

Business Profiles

Mark Oguh

Mark has 22 years experience in the Banking industry covering Operations, Audit and Financial Control. He is also a...

Aina Amah

Aina Amah is a graduate of Economics from the University of Lagos and an MBA from the University of Nicosia, Cyprus. She...

Uyi Osagie

Uyi Osagie is the Chief Financial Officer of Allianz Nigeria. He joined Allianz as Financial Controller from 2014 and rose through the...

Usen Udoh

Usen Udoh is the Group Chief Human Resources Officer of the Dangote Group where he oversees a team of busines unit human...

Eric Idiahi

Eric Idiahi is a financier and venture-capitalist. He is Partner and co-founder of Verod Capital Management Limited, a $300 million Africa-focused private...