Share Purchase: BPE Delists Grand Central Hotel Kano

By Tony Obiechina, Abuja 

Grand Central , Kano has been delisted from the routine monitoring activities of the Bureau of Public Enterprises () after fulfilling all covenants stipulated in the Share Sale and Purchase Agreement (SSAP).

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

At the official presentation of the discharge certificate, Director General of the Bureau of Public Enterprises (), Mr. Alex A. Okoh said the ceremony “is 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 to be delisted from BPE monitoring activities 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).

A statement by BPE Head of Public Communications, Amina Tukur Othman on Thursday recalled that Federal Government through the Bureau in 2005, divested 100% of its shareholding in Grand Central Hotel, Kano to Broadfield International Limited through Asset Sale.

According to the statement, Broadfield International was then required to submit a Post-Acquisition Plan which was annexed to the Share Sale and Purchase Agreement (SSAP) and signed by the Core investor.

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).   

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