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The programme of privatisation and commercialisafion of state-owned enterprises emerged from many years of exhaustive discussions by stakeholders on how to put Nigerian economy- on the path of sustainable growth and development. Since the inception of the programme, which was part of economic deregulation policies; successive governments have continued to emphasise their willingness to successfully conclude the programme.

The inuaguration by President Olusegun Obasanjo of the National Council on Privatisation in July, 1999 demonstrates the present administration's comnitment to new institutional reforms necessary for the conclusion of the pro ramme.

The enterprises to be privatised suffer fundamental problems such as: defective capital structure, excessive bureaucratic control or intervention, inappropriate technology, gross incompetence and mismanagement, blatant corruption and crippling complacency which monopoly often engenders. Inevitably, these short comings take a heavy toll on the national economy These are the compelling reasons to divest government of the burden of running these companies at a loss. Instead the private sector which can do the jb better is nowinvited to acquire them

The government hs reviewed all aspects of the programme to ensure that the privitistion yields the desired economic recovery benefits and enhance te social life of our people. A three-phase implementation process has now evolved.

Phase I (to be completed by December, 1999) include Commercial and Merchant Banks and Cement Plants that are already quoted on the Stock Exchange. Government will dispose of its equities because they are relatively easy to evaluate.
Phase 11 - Privatisation of Hotels, and Motor and Vehicle Assembly Plants.
Phase III – Privatisation of National Electricity Power Authority (NEPA), Nigeria Telecommunications Limited (NITEL), National Fertilizer Company of Nigeria (NAFCON), Nigerian Airways and Petroleum Refineries.

To ensure transparency, the programme will involve:

International Privatisation advisers to enhance credibility and guarantee access to special skills and knowledge required for handling privatisation of utilities.
Core Group Investors with the capabilities for adding value to an enterprise and making it operate efficiently in the face of international competition. Such Core Investors will possess the technical know-how and financial capacity to pay competitive price for the enterprise and increase the capital base
In line with the current Federal Government ‘s Privitisation programme, expressionof interest is hereby sought from CoreGroup Investors in Oil Marketing , Cement and Banking Sub-sectors of the Nigerian Economy.

The underlisted public eterprises which are quoted on the Nigerian Stock Exchange ae now fully privatised. The Strategic/Core Group Investors must posses the right technical, financial and management capaities in their sector(s) of interest.

National Oil and Cher
African Petroleum Plc
Unipetrol Plc

Cement Companies

Ashaka Cement Company PLC.
Benue Cement Company PLC
Cement Company of Northern Nigeria PLC.
Nigerian Cement Company Pic, Nkalagu
Calabar Cement Company Ltd.
West African Portland Cement PLC

Commercial Banks

Afribank (Nig.) Plc
Assurance Bank Plc
FSB International Bank Plc

Copies of Information Memorandum on each of the above Enterprises can be purchased from the Director-General, Burean of Public Enterprises for non-refundable documentation fee of US $10 000 payable at the address below

All expressions of interest must reach the above address not later than Friday, 15^th October, 1999.

Prospective investor who had earlier paid the non-refundable fee need not pay again.