FG To Sell Ayip-Eku Oil Palm Company
By Tom Chiahemen
 28th NOV 2006

•As BPE Invites Bids From Investors          

In furtherance of Federal Government’s privatisation programme, the Bureau of Public Enterprises (BPE), has invited prospective Core Group and Strategic investors to express interest in the acquisition of 60 per cent shares and management control in Ayip -Eku Oil Palm Company in Akamkpa Local Government Area of Cross River State.

A statement by the Bureau in Abuja at the weekend, said applicants were expected from local and international Oil Palm Companies with proven track record in the management of Oil Palm Company.
To be pre-qualified, it said, prospective core investors must supply verifiable evidence of their ability to own and technically manage the company.

This, according to the BPE, includes record of successful investment and technical management in Oil Palm Company and the requisite financial resources and technical competence not only to run the plantation efficiently but also to improve the plantation thus enhancing financial and economic value to other shareholders and Nigerians, among others.

It requested interested investors to indicate their interest by providing, Audited Financial Statement for the last five years and most recent Management Accounts, Technical and Operational Capabilities; Number of years in the oil palm industry including local and international experience, among others.
The Ayip-Eku Oil Palm Company, located about 93 kilometres from Calabar, was incorporated in December 1979. The principal activity of the plant is the development of commercial oil palm plantation and production of palm oil and palm produce by-products.

It is developed on 12,410.055 hectares of land. About 735,428.6 metric tons of fresh fruit bunches are harvestable yearly from the estate, which has about 429,000 Oil Palm stands.

This translates to about 73,543 metric tons of Palm Oil yearly. It has an oil mill with three palm oil storage tanks with a capacity for 12 metric tons each.

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