Reps
The House of Representatives yesterday resolved to investigate the sale of multi-billion dollar Eleme Petrochemical Company to Indorama Corporation by the Bureau of Public Enterprises.
The investigation will unravel why the $2.4 billion plant was sold for $215 million.
The resolution of the House was sequel to the adoption of a motion by Oluwole Oke.
The lawmaker said the company was built at $2.4 billion with state of the art olefins plant, polyethylene/butane and polyprophene plant, captive power plant and caustic soda plant and other facilities.
Oke said that due to lack of proper asset valuation, the company was sold to Indorama corporation for $215 million by the Bureau of Public Enterprise.
“The Eleme Petrochemical company sitting on a 400-acre land in Eleme, Rivers State was conceived and built by the Federal Government to industrialise the country and position it as a petrochemical hub in Africa”, he said.
According to him, the sale lacked transparency and did not follow due processes in line with the Public Procurement Act.
The lawmaker said had the company, operating at 100 per cent capacity with 1,000 workers not been sold, it would have been employing 10,000 Nigerians.
The motion was unanimously passed when put to vote by the Speaker, Yakubu Dogara.
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