Former Managing Director of Nigerdock Nigeria Plc, Engr. Nkpubre Okon Nkpubre has opened up on the 2002 privatisation of Nigeria’s largest ship building and ship repair yard, alleging that the original core investor; Global Energy Company was a “default purchaser”.
According to him, Global Energy Company which was the initial core investor had no experience and capabilities whatsoever in the management of an Engineering Production Facility the size of Nigerdock.
Former Managing Director of Nigerdock Nigeria Plc, Engr. Nkpubre Okon Nkpubre has opened up on the 2002 privatisation of Nigeria’s largest ship building and ship repair yard, alleging that the original core investor; Global Energy Company was a “default purchaser”.
According to him, Global Energy Company which was the initial core investor had no experience and capabilities whatsoever in the management of an Engineering Production Facility the size of Nigerdock.
Nkpubre, who now runs a Maritime, Oil and Gas services company, gave the revelation in a recent statement which he issued in Lagos.
Following the successful execution of high-profile projects, some of which were recently commissioned by President Goodluck Jonathan, Nkpubre, who presided over the privatisation of Nigerdock as its chief executive officer, said the country should be grateful to Jagal Nigeria Limited for coming to the rescue of Nigerdock.
It would be recalled that sequel to the decision of the Federal Executive Counsel to suspend the privatisation of Nigerdock and the caveat emptor issued by the then Honourable Minister of Transport, most of the reputable companies who had expressed interest as core investors in Nigerdock had to withdraw.
Only Global Energy and Navimor, who knew that the then Director-General of the Bureau of Public Enterprises (BPE) with the backing of former Vice President Atiku Abubakar was going to ignore the directive of the Minister of Transport and the decision of the Federal Executive Counsel, went ahead to submit bids.
“Navimor already had issues with the federal government due to its unsubstantiated claim of 30% ownership of Nigerdock prior to privatisation”, he disclosed, adding that, “it did not therefore make sense for Navimor to have been considered for the 51% shares of the company as a core investor. Global Energy, therefore, emerged as a default purchaser.
“However, the company was unable to manage the shipyard despite the fact that Nigerdock was handed over to them in a very transparent manner and in a peaceful industrial atmosphere, with very high staff morale and in an operational condition, with a turnover of close to 200% of the previous year”.
A member of both the Nigerian Society of Engineers and the Council for the Regulation of Engineering in Nigeria (COREN), Nkpubre said, “it is heart-warming to know that Jagal which took over Nigerdock from Global Energy as core investor appears to have overcome the teething problems of privatization and is turning the company into a major oil and gas fabrication and construction facility in West Africa, and also helping in the actualization of the nation’s local content drive”.
A mechanical engineer and a fellow of the Chartered Institute of Administration of Nigeria, Nkpubre received a special federal government commendation for his exemplary leadership of Nigerdock in the turbulent period leading to the privatization of Nigeria’s largest Shipbuilding and Ship repair yard making him one of the very few heads of government parastatals to be so honoured after leaving office.
Speaking further on the prospects of the company, the ex-MD opined that Nigerdock surely has huge potentials and owing to the similarities in the technology for oil and gas construction and ship building. “It is my hope and desire that in the near future Nigerdock will turn its attention to the building of small and medium size coastal vessels and river crafts to help the country effectively implement its Cabotage law,”. he said.
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