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Reps Investigate Sale Of Nigerian Newsprint Company

House of Representatives yesterday mandated its committee on privatisation and commercialisation to investigate the liquidation and sale of the Nigerian Newsprint Manufacturing Company (NNMC) by the Bureau of Public Enterprises (BPE) and report back to the House within 8 weeks.

The House also called on the Federal Government to formulate a blueprint with the view of taking over the newsprint company from Negris Holding limited and re activate the company for the purpose of job creation.

These resolutions by the House was sequel to a motion entitled “call for investigation of the continued closure of the Nigerian newsprint manufacturing company seven years after its privatisation” sponsored by Hon. Henry Archibong.

Moving the motion on the floor of the House, the law maker said the BPE sold the newsprint company for N4 billion to Negris Holding which claimed it had put in place the financial requirements to rehabilitate the liquidated asses of the company adding that the company was setup to produce 100, 000 metric tons of finished paper and until was shut down in 1994 it was exporting it’s products to Togo, Ghana, USA, Germany amongst others.



Dyepkazah Shibayan, Abuja

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