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B N W: Biafra Nigeria World News |
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Firm wins bid for Ikoyi Hotels with N350m
THE Bureau of Public Enterprises (BPE) has sold two public companies located in Lagos and Ondo states. The open bidding was held at the NICON Hilton Hotel, Abuja yesterday.
The two outfits are the Federal Government owned Nigeria Hotels Limited, Ikoyi, Lagos and the Ore-Irele Oil Palm Company in Okitipupa, Ondo.
At the bids yesterday, Labana Glover Ventures Nigeria Limited, an indigenous company snatched Ikoyi Hotels from Nigerian Port Authority (NPA) with an offer of N350 million over the N305 million put up by the NPA for the property comprising: one-bedroom guest chalets; a four room boy's quarters; an office building; and a kitchen/canteen block, all covering an approximate area of 3,346 square metres.
The hotel was leased to the NPA in 1961 until its expiration in March 2003. The NPA is still sitting tenant and therefore expressed interest in its purchase.
In the first round of the exercise, NPA led other bidders with its offer of N300 million, while the eventual winner, Labana Glover offered N140 million; Union Bank of Nigeria (UBN) Property Company Limited offered N160 million and maintained that sum even in the second round even when the BPE Director-General, Dr. Julius Bala said that the offers fell shot of the National Council on Privatisation's expectations for the hotel.
When the bidders returned from break, NPA slightly reviewed its offer by N5 million while Labana Ventures raised it bid to N350 million.
The winner, according to Due Diligence of BPE, is owned by Alhaji Abdulraham Ibrahim, Alhaji Abba Adamu, and Mohammed K. Zailani, each having 25 per cent shareholding in the firm. They have also reserved 25 per cent shareholding for future investors.
The BPE boss, who presided over the bid process, declared Labana as first winner and NPA as reserved bidder and told them that the bureau would appropriately inform them after the NCP's consideration of the offers.
An agro based manufacturing company in Lagos, CPL Agric Ltd has also emerged winner in the bid for the Ore-Irele Oil Palm in Okitipupa with its offer of N166.2 million to beat its sole contestant, Godsmart, which offered N50 million for the Federal Government 60 per cent equity in the company.
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