The Bureau of Public Enterprises (BPE) on Wednesday, April 13, 2022 at its corporate offices in Abuja, transferred the asset title of Ogboyega North and South coal blocks to the Orbit Exploration and Natural Products Limited (OENPL) with a charge by BPE’s Director General, Mr. Alex A,Okoh for the new investor to justify the federal government’s high expectations to optimize the coal blocks.
The coal blocks were acquired by Western Metal Products Company Limited (WEMPCO) in 2007 but in March 2019, WEMPCO requested for approval from the BPE to transfer the Coal blocks’ Mineral title documents to Orbit Exploration & Natural Products Limited (OENPL).
Okoh expressed optimism that the takeover by OENPL would lead to effective management of the two coal blocks and boost the economy of the host communities and Nigeria at large.
The DG also said, OENPL has agreed to operate according to BPE’s mandate and that the new investor would remain on the monitoring framework of the Bureau.
Twelve years after privatisation, the coal blocks operated below expectations which led the company to be classified as a non-performing enterprise.
A Director with OENPL, Mr John Ndanusa Akanya, commended BPE and the Federal Government for the seamless transfer of the asset title documents to his company which he said is a wholly Nigerian company.