BPE Delists Grand Central Hotel From Routine Monitoring

The Bureau of Public Enterprises (BPE) says it has delisted Grand Central Hotel, Kano from its routine monitoring activities.

The bureau made this known via a release sent to The Eagle.  The release signed by Amina Tukur Othman, Head, Public Communications of the BPE said this followed the hotel’s fulfilment of “all covenants stipulated in the Share Sale and Purchase Agreement (SSAP)”.

the release said the ceremony was performed at the Main Conference Hall of the Bureau on Wednesday, April 28, 2021, and was witnessed by the top Management of the BPE, Grand Central Hotel, Kano and representatives of other key sectors of the economy.

IT also quotes the Director General of BPE, Mr. Alex A. Okoh describing the exercise as “ a positive attestation to the privatisation and commercialisation programme of the Federal Government”.

“This ceremony is in line with our extant practice and the recent approval of the National Council on Privatisation (NCP) at its meeting held on February 25, 2021 for the Kano Central Hotel to be delisted from BPE monitoring activates having satisfactorily achieved covenants stipulated in the Post-Acquisition Plan (PAP)”, he said.

Okoh  expressed delight that from the Bureau’s monitoring activities Broadfield International limited-owner of the Hotel  has fulfilled and exceeded  the performance  obligations spelt out in Post-Acquisition Plan (PAP).

It would be recalled that Federal Government through BPE in 2005, divested 100% of its shareholding in Grand Central Hotel, Kano to Broadfield International Limited through Asset Sale wherein Broadfield International was required to submit a Post-Acquisition Plan which was annexed to the Share Sale and Purchase Agreement (SSAP) and signed by the Core investor.

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The Chairman of the Hotel while accepting the discharge certificate on behalf of the management of the Hotel said the Hotel was in the process of listing its shares on the Nigerian Stock Exchange (NSE).