SENATE PROBES SALE OF ELEME, TRANSCORP HILTON, OTHERS

By NBF News
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Starting from today, buyers of Federal Government-owned companies will appear before the Senate to give details of the sale and how much was paid to the government treasury.

Some of the buyers, including those of Transcorp Hilton, Nigeria Insurance Company (NICON), Eleme Petro-Chemical Company, Aluminium Smelting Company (ALSCON) among others, were scheduled to appear before the Senate Ad-hoc Committee on the investigation of the activities of the Bureau of Public Enterprises (BPE).

The probe, which would cover the affairs of the BPE from inception in 1999 till date, was based on Senate Resolution No. S/Res/004/01/11 and Sections 88 and 89 of the 1999 Constitution as amended.

In a signed statement by the Chairman of the ad-hoc panel, Senator Ahmed Lawan, the weeklong exercise would involve stakeholders as well as chief executive officers of the privatised public companies.

The public hearing, which would be declared open on Monday by Senate President David Mark, would summon buyers of Steel Rolling Mills, Automobile Assembly Plants, ALSCON and EMCON. All companies in the cement, gas and oil marketing companies including Eleme Petro-Chemical Company Limited would take their turn tomorrow.

On Wednesday, all companies in the hotels, insurance and sugar companies sectors would testify and on Thursday, all companies in these sectors: media, mining, TBS, LITC and paper mills had been scheduled to testify before the panel.

Privatised companies in the seaports, fertilizer companies and aviation are also expected at the public hearing, which would kick off at Senate Hearing Room 1.

The public hearing is expected to formally close on Saturday.