Home Nigeria News Gov. Of Delta State, Okowa Sells Delta Line Company To God Is...

    Gov. Of Delta State, Okowa Sells Delta Line Company To God Is Good Motors For N161m, Rejects NLC’s N2b Bid

    1271
    0
    SHARE
    The Governor of Delta state, Ifeanyi Okowa, in a ridiculous and surprising move, has authorized the sale of Delta Line to God is Good Motors (GIG), the interstate transport giant for N131million,
    while snubbing the whooping offer of N2Billion from the Nigerian Labour Congress (NLC) Delta chapter.
    However, this move has adverse effects, as it has led to the prompt sack of 730 workers, who are not compensated.
    According to an authoritative report by SaharaReporters, the Delta State governor, Ifeanyi Okowa, has sanctioned the sale of Delta Transport Services Limited (Delta Line) to GIG (God Is Good Motors) Transport Development Company Limited for N161 million.
    The acceptance of the price offer was sequel to the rejection of a N2 billion bid from Delta State chapter of the Nigeria Labour Congress (NLC).
    It was learned that the sale, executed without due process, left the state government with 30% stake in the company, handing 70% to GIG.
    A Delta State Ministry of Justice document indicated that the name of the company will be changed after five years.
    To hatch the plot, a top government official disclosed that Okowa used Kingsley Emu, Finance Commissioner, and Chairman, Partial Privatization Of Delta Transport Services Limited; David Edebvie, Commissioner for Economic Planning; and Peter Mrakpor, Attorney-General, and Commissioner for Justice.
    According to the government official, the asset was deliberately undervalued because Okowa was buying by proxy.
    “The real part of the deal between, which is yet unknown to most people, is that Okowa is the real buyer of the company but has decided to use the God Is Good Motors as front and after five years, the company’s name will be changed,” the top government official told SaharaReporters.
    He also disclosed that the owner of GIG Motors contributed Mercedes-Benz buses to the governorship campaign of Okowa.
    “It was because of that the governor directed Edevbie to advertise for bids, which was a formality, as the transport company was sold for N161 million and a bid of N2billion by the NLC was turned down,” explained the government source.
    NGR News blog is for every happenings from Nigeria and every interesting facts around the world.
    For your news alerts, you might also subscribe to our newsletter @ NGR News.