Privatisation: Reps direct BPE to refund N341m to Nigerdock

The House of Representatives Committee on Privatisation has directed Nigerdock to write to the Bureau of Public Enterprises (BPE) for reimbursement of N341.7 million tax liabilities as well as address other issues.

Chairman of the Committee, Ibrahim Makama Misau, gave the directive in a letter dated 10th May 2023, addressed to the Managing Director/Chief Executive Officer (MD/CEO), Polaris Bank and copied to Vice President, Prof. Yomi Osinbajo.

The letter followed a resolution by the committee at an investigative hearing held earlier on Tuesday where it met representatives of BPE, Nigerdock Plc, Polaris Bank and Navimor.

A sub-committee was also raised to investigate a 30% claim by Navimor with the report ready in seven working days.

The letter added thus, “The sub-committee is also to engage Polaris Bank, Nigerdock and BPE on the judgement recently procured against Nigerdock Plc on the loan facilities obtained by the company in 2000 before it was privatised in 2001 with a view to mediating a reasonable, mutually acceptable out of court settlement.

“Nigerdock is to immediately write BPE as advised by the Director General, BPE in their submission requesting for payment of N341,741,512 to private consultant attaching all relevant documents showing proof of payment and the bureau would make a case to government on best effort for reimbursement.”

The House also directed Nigerdock to write BPE requesting to be delisted from post-privatisation monitoring having complied with its Post Acquisition Plan (PAP).

Nigerdock, Polaris Bank and BPE have been entangled in a post-privatisation crisis over pre-privatisation liabilities that were alleged not to have been disclosed before the privatisation. This prompted the intervention of the House of Representatives.