NNPC Pension Fund acquires SPDC

On December 15, 2014, the privatisation journey of SPDC which started since 2006 came to conclusion as BPE handed 51 percent Federal Government shares in SPDC to NNPC Pension Fund Ltd thereby making NNPC Pension Fund Ltd 100 percent owner of SPDC.Before now, SPDC was a private limited liability company owned 51 percent by NNPC […]

On December 15, 2014, the privatisation journey of SPDC which started since 2006 came to conclusion as BPE handed 51 percent Federal Government shares in SPDC to NNPC Pension Fund Ltd thereby making NNPC Pension Fund Ltd 100 percent owner of SPDC.
Before now, SPDC was a private limited liability company owned 51 percent by NNPC and 49 percent by NNPC Pension Fund Ltd. Following government’s privatization programme, the 51 percent NNPC shares in the company was transferred to BPE through a power of attorney with a mandate to sell.
Prior to the commencement of the privatisation of SPDC, the company was a leading name in the property development and facility management industry in Nigeria.
The privatisation programme which lingered for about seven years affected the company’s business and operations.
 In his remark at the handover ceremony in Abuja , the Managing Director/Chief Executive of SPDC Mr. Macjames Laleobe pointed out that the handover marks a turning point in the life and history of SPDC, saying “We’ve no doubt that the company will be reinvented to bounce back as one of the leading property development and facility management companies in Nigeria.”
The chairman of NNPC Pension Fund Ltd who is also the Group Executive Director Corporate Services of NNPC, Dr. Dan Efebo reiterated that “NNPC Pension Fund Ltd has a special interest and big plans for SPDC and strongly believes the company has the potential to become a leading property developer in the country.”
The Director General of BPE, Mr Benjamin Dikki appreciated the management and staff of SPDC and NNPC Pension Fund Ltd for their determination and perseverance throughout the seven-year period of privatisation adding that with the completion of the process, SPDC is free to take its rightful place in the real estate sector.