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Sections News Editorial/Opinion Cover Choice Arts & Life Business Politics Sports   Subscription Form Click here       Daily Independent Online.         * Friday,July 16, 2004. UTB re-appointed to lead NAFCON privatization By Mojeed Jamiu Finance Editor, Lagos   The National Council on Privatisation (NCP) and the Bureau of Public Enterprises (BPE) have named Universal Trust Bank Plc as the lead financial adviser for the full privatisation of the National Fertiliser Company of Nigeria (NAFCON) and the sourcing of a strategic core investor for the company. According to the letter, endorsing the choice of UTB by the BPE, the NCP  has mandated the bank to play a major role in sourcing and screening of strategic core investors for the fertiliser plant based in Onne, Rivers State. NAFCON was established to utilise the abundant natural gas resources in the local manufacture of fertiliser for use by Nigerian farmers, as a strategic policy aimed at improving and sustaining agricultural production. A statement from the bank in Lagos on Wednesday noted that the appointment of UTB was in line with the Federal Government's desire for a speedy and transparent privatisation of the fertiliser plant. Specifically, the bank has been mandated to lead a team that would conduct due diligence in the core areas of financial analysis, asset and business valuation, corporate and human resources analysis, accounting functions and technical/engineering, among others. Besides, the bank is expected to assist the privatisation agency in developing the structure and the timing of the bidding and sale procedure to be carried out for the transaction, including how offers will be evaluated. For UTB, the NAFCON privatisation mandate is a strategic move by the bank, which is expected to further deepen its investment banking portfolio and position it as a leading universal banking service provider.       Copyright� 2002. All Rights Reserved Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.dailyindependentng.com e-mail: [email protected]

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