Director General of Nigeria’s Bureau of Public Enterprises,BPE ,Mr Benjamin Ezra Dikki has disclosed that Nigeria has a housing deficit of about 17million units.He made this disclosure during the handover of Stallion Property and Development Company,SPDC to the NNPC Pension Fund Limited on Monday at Sheraton Hotel,Abuja.
“Available statistics shows that the housing deficit in Nigeria is about 17million units.BPE is currently working with the Federal Ministry of Lands,Housing and Urban Development on the reforms and restructuring of the housing sector.There is therefore a huge opportunity to be tapped by SPDC in the sector”,Dikki said.
Speaking on the main event of the day, he said “This handover is the outcome of 7 years of unwavering desire,determination and commendable perseverance by the management and staff of SPDC/NNPC Pension Fund Ltd who waited patiently(despite irregular staff salaries, and revocation threat from FCDA) for this transaction to be completed so that SPDC could be free to compte(unhindered) and take its rightful place in the real estate sector.”
The BPE DG recalled that “At the meeting of NCP held on 31st October 2013,BPE sought Council’s approval for the privatization of the FG’s 51% shares in the residual assets of SPDC to NNPC Pension Fund Limited(NNPC PFL).The request was predicated on an earlier approval granted in 2006, that the proceeds from the divestment of FG’s 51% shareholding in SPDC be used to part bridge the funding gap(about N63billion then) in the NNPC staff pension fund”
He said further that “in line with this strategy,the net proceeds of the first transaction was paid to the NNPC Staff Pension fund which helped to reduce the liabilities.However, there were other unsold assets that did not receive any expressions of interest during the first transaction.These assets were sold (notionally) to SPDC in accordance with the pre-emptive rights provide in the company’s Memorandum and Articles of Association(MEMART).”
Dikki commended President Goodluck Jonathan, Vice President Namadi Sambo who ensured that “thorough due diligence was carried out ….before approval was granted for the notional divestment of FG’s 51% shareholding in SPDC to NNPC PFL”.He also hailed the efforts of the Minister of Petroleum Resources and GMD ,NNPC toward the success recorded.
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