PANAPRESS
Panafrican News Agency
Nigerian govt. set to privatise minting firm
Lagos, Nigeria (PANA) - The Bureau of Public Enterprises (BPE) is set to make the Nigerian Security Printing and Minting Company (NSPMC), popularly known as the Mint, a public quoted company on the floor of the Nigerian Stock Exchange (NSE) for Nigerians and other interested foreign investors to invest in by 2015.
The private-owned Guardian newspaper reported Thursday that past attempts to privatise the company suffered several set backs, due to indecision at the top government level.
Presently, the mint is under the management of the Central Bank of Nigeria, representing the government's majority shares of 77 per cent; BPE, 20.06 per cent and the United Kingdom-based De La Rue, 2.94 per cent.
“Negotiations are on-going with the Central Bank of Nigeria (CBN) for the privatisation of the mint and once the apex bank hands off the running of the NSPMC, it would also be listed on the stock exchange in 2015,” BPE’s Director-General, Bolanle Onaguruwa, was quoted as saying.
The mint prints Nigerian currency notes, coins, bank documents and other sensitive security documents.
Onagurowa said the bureau has earmarked some privatized enterprises to be listed on the stock exchange as part of BPE’s effort to boost the capital market.
She listed some of the state-owned enterprises such as the Transcorp Hilton Hotel, where the government plans to divest 24 per cent out of its 49 per cent equity and Eleme Petrochemicals, in which the government intends to give out its remaining five per cent holding.
According to her, the process is on-going, save for a little hiccup over the shareholding structure, noting that in the case of Eleme Petrochemicals, the process would be consummated in a few years.
Onagoruwa also gave a hint that there were prospects that some of the successor companies created out of the unbundled Power Holding Company of Nigeria (PHCN) would also be listed in the capital market.
She explained that but for the political climate in the country, the bureau intended to privatise the nation’s refineries so that they would be listed on the stock exchange.
The BPE boss pointed out that 24 of the nation’s 26 seaports had been concessioned and are doing well, adding that investment opportunities are still open in the maritime sector through the inland waterways.
-0- PANA SB/BOS 19May2011
The private-owned Guardian newspaper reported Thursday that past attempts to privatise the company suffered several set backs, due to indecision at the top government level.
Presently, the mint is under the management of the Central Bank of Nigeria, representing the government's majority shares of 77 per cent; BPE, 20.06 per cent and the United Kingdom-based De La Rue, 2.94 per cent.
“Negotiations are on-going with the Central Bank of Nigeria (CBN) for the privatisation of the mint and once the apex bank hands off the running of the NSPMC, it would also be listed on the stock exchange in 2015,” BPE’s Director-General, Bolanle Onaguruwa, was quoted as saying.
The mint prints Nigerian currency notes, coins, bank documents and other sensitive security documents.
Onagurowa said the bureau has earmarked some privatized enterprises to be listed on the stock exchange as part of BPE’s effort to boost the capital market.
She listed some of the state-owned enterprises such as the Transcorp Hilton Hotel, where the government plans to divest 24 per cent out of its 49 per cent equity and Eleme Petrochemicals, in which the government intends to give out its remaining five per cent holding.
According to her, the process is on-going, save for a little hiccup over the shareholding structure, noting that in the case of Eleme Petrochemicals, the process would be consummated in a few years.
Onagoruwa also gave a hint that there were prospects that some of the successor companies created out of the unbundled Power Holding Company of Nigeria (PHCN) would also be listed in the capital market.
She explained that but for the political climate in the country, the bureau intended to privatise the nation’s refineries so that they would be listed on the stock exchange.
The BPE boss pointed out that 24 of the nation’s 26 seaports had been concessioned and are doing well, adding that investment opportunities are still open in the maritime sector through the inland waterways.
-0- PANA SB/BOS 19May2011
