FG Hands Over Stallion Properties to NNPC

The Bureau of Public Enterprises yesterday handed over FG's 51 per cent shareholding in Stallion Property and Development Company to the Nigerian National Petroleum Corporation Pension Fund Limited.

Speaking in Abuja at the formal handover ceremony, the Director General, Bureau of Public Enterprises (BPE), Mr. Benjamin Dikki, said the move followed a 2006 request by BPE for approval by the National Council on Privatisation (NCP) for the privatisation of government’s interest in the company so that proceeds from the divestment could be used to bridge the previous funding gap of about N63 billion in NNPC staff pension fund.

The NCP consequently granted the approval in October 2013.

He said in line with that strategy, the net proceeds of the first transaction had been paid to NNPC staff pension fund which helped to reduce the liabilities at that time.