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BPE orders Daily Times to recover leased property

Posted by By Sanya Adejokun, Senior Correspondent, Abuja on 2004/08/23 | Views: 322 |

BPE orders Daily Times to recover leased property


The Bureau of Public Enterprises (BPE) has ordered the management of Daily Times of Nigeria (DTN) to recover the company’s property leased out on the eve of its sale. It has to do so before the formal handing over to the new owners next month.

The Bureau of Public Enterprises (BPE) has ordered the management of Daily Times of Nigeria (DTN) to recover the company’s property leased out on the eve of its sale. It has to do so before the formal handing over to the new owners next month.

BPE Director General Julius Bala said in Abuja last week that “that is what we are trying to resolve with them and we believe that they are going to be very reasonable. We have also informed the people who leased the property that they have to return the property, as the management has to pay back the money.

“They have no authority, no rights at all to have leased that property. There is a standing rule on privatisation that the management of an enterprise cannot sell any of its property once the enterprise has been put into privatisation process”.

Bala explained that the management of the oldest newspaper in the country, which bid to buy it under the name of Mindsprings Communication Limited, probably assumed that it would win the competition, hence it took the step.

“We had a problem at one stage, the management went and leased off this property on 15 Cooper Road, Ikoyi, Lagos. They did this probably on the assumption that they would win the bid and continue to be the owner. We called them and we had a meeting and gave the management a little time to recall the property from the lessee.”

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