Privatization: Cross River woos indigenous investors


The Chairman of Cross River Privatization Council, Mr. John Odo has called on private investors from the state to indicate their interests in taking over some industries billed for privatization in the State.

He said this on Friday in Calabar during the presentation of the report of the Technical Committee set up conduct a Referendum on the privatization process.

He said that the Council would encourage local investors with the view to growing the state’s economy.

“We are going to encourage local contents. So, I advice investors from Cross River to key into the exercise, once we are ready, ” he said.

The chairman stated that the report of the referendum would be submitted to the State Governor, having been adopted by the council.

According to him, the aim of the referendum was to consult widely to ensure, “accountability and transparency” in the whole process.

In his remark, Chairman of the technical committee, Dr. Jesophat Ogar said the Committee administered questionnaire to over 3000 respondents across the 18 Local Government Areas of the State

According to him, 34 assets belonging to the State were listed, adding that, the results of the questionnaires showed that, 88 per cent of respondents voted for privatization.

“Twelve per cent of the respondents indicated that privatization should not be carried out on Government assets while 88 per cent approved privatization, ” he said.

He, however, said the Committee in her recommendations advised the council to convoke a larger stakeholders’ forum to continue deliberations on the best ways to go about the privatization process for maximum result.

Speaking, the Permanent Secretary, State Ministry of Finance, Mr. Gabriel Ikang commended the Technical Committee for a successful referendum.

According to him, the ministry was looking forward to a successful privatization, adding that this was expected to add  more money into the coffers of the state.


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