THE nation�s oil workers, under the umbrella of National Union of Petroleum and Natural Gas Workers (NUPENG) and its Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), have called on the National Assembly to probe the owners of Indorama Petro-chem that bought over Eleme Petro-Chemical Company Limited (EPCL), alleging that the Bureau for Public Enterprises (BPE), gave a lot of unimaginable concessions to Indorama to ensure that it takes over EPCL
Reacting to news report that Indorama has paid N30billion for EPCL, the oil workers lamented that in spite of the fact that EPCL was given to Indorama at a ridiculous price of 225million dollars, even when the company defaulted with the term of sale, the BPE gave EPCL to Indorama even without paying half of the amount.
In a joint statement, acting General Secretary and General Secretary of PENGASSAN and NUPENG, Comrades Lumumba Okugbawa and Elijah Okougbo respectively, called on Nigerians to demand for the unmasking of those behind Indorama Petro-chem
The statement reads in part: �In the report, the Director General of the Bureau of Public Enterprises (BPE), Mrs. Irene Chigbue was quoted as informing unsuspecting Nigerians that Indorama had paid the full price of $225million (about N30 billion) for the Eleme Petrochemical Company Limited (EPCL). She was also quoted as describing the sale of EPCL as a star deal of the privatisation programme.
While Mrs. Chigbue is entitled to express her opinion and make personal assessment of her �achievement� in BPE, we in NUPENG and PENGASSAN have consistently maintained that the sale was another asset stripping and charade, ever done on the national assets of our great country.
Our position is premised on the fact that the selling of the plant at $225 Million is less than $326
Million, which the Federal Government will pay as outstanding liabilities before Indorama could take possession of the plant. Also by the terms of the bid, Indorama, was supposed to have paid 10% within ten (10) days of announcement of the offer i.e. 23rd December, 2005 and pay the balance of 90% within sixty (60) days but Indorama failed to make the payment within the timeframe set for it�.
�Having failed to meet the deadline, Indorama is supposed to forfeit the initial 10% deposit. We recall with deep sense of patriotism that in the present dispensation, ILL forfeited 10% of her deposit on the botched NITEL deal because of not meeting the deadline stipulated by the terms of the bid. Is this not a case of selective judgment?.It is equally disturbing and surprising that contrary to the bid rules, Indorama was allowed access to the plant despite the fact that she paid only forty percent (40%) of the total amount of the offer.
During the period of the take over, Indorama used the stock of spare parts to generate the funds which she used to pay for the Plant. It may be stated clearly that the strategic partnering option which allowed credible Core Investor to acquire 51% equity participation while the Federal Government retains 49% as agreed by the Standing Committee on the Privatisation of NNPC Subsidiaries has been set aside and dump by BPE. On our part, it is difficult to understand the self-appraisal made by the Director-General of the BPE, which amounts to face saving measure by the organization, as the sale should have been voided about seven (7) months ago. It is our hope that like the Transcorp Shareholders, one day, the veil will be lifted and Nigerians will be told about those who are masking as Indorama�.