The Director General, Bureau of Public Enterprises (BPE) has tasks the new investors of Ogboyega North and South coal blocks to the Orbit Exploration and Natural Products Limited (OENPL) to justify the expectations to optimiser the coal blocks, reposed in them by the Federal Government.
Okoh gave the admonition recently at its corporate offices in Abuja, during the transfer of the asset title of Ogboyega North and South coal blocks to the Orbit Exploration and Natural Products Limited (OENPL) to the investor.
WEMPCO had in 2019, requested for approval from the BPE to transfer the Coal blocks’ Mineral title documents, which it acquired in 2007, to Orbit Exploration & Natural Products Limited (OENPL).
Okoh expressed optimism that the takeover by OENPL would lead to effective management of the two coal blocks and boost the economy of the host communities and Nigeria at large.
He added that by signing the agreement, “OENPL will assume all rights, privileges and obligations as contained in the original Asset Sale & Purchase Agreement (ASPA) executed between the Bureau and Western Metal Products Company Limited (WEMPCO) in 2007”.
The Director General also said, OENPL has agreed to operate according to BPE’s mandate and that the new investor would remain on the monitoring framework of the Bureau.
Twelve years after privatisation, the coal blocks operated below expectations which led the company to be classified as a non-performing enterprise.
As part of Federal Government economic recovery and growth plan, the government directed the National Council on Privatisation (NCP) to identify the causes of the non-performance of some of the privatised enterprises and proffer viable solutions towards their resuscitation.
A Director with OENPL, Mr John Ndanusa Akanya, commended BPE and the Federal Government for the seamless transfer of the asset title documents to his company which he said is a wholly Nigerian company.
He promised to make the coal blocks work effectively so that the Federal Government would achieve the purpose for which the company was established.