BACKGROUND INFORMATION
Federal Superphosphate Fertilizer Company Limited (FSFCL) was incorporated as a limited liability company in 1973. The plant was designed to produce 100,000mt of Single Superphosphate Fertilizer (SSP) per annum from its 42,000 tonnes of Sulphur acid per annum. An additional plant with a capacity of 30,000 tonnes per annum of aluminum sulphate was built in 1990, but the average production pre-privatisation remained 2000 tonnes per annum. The NCP/BPE approved Core Investor strategy to divest the Government interest in FSFC. The initial transaction commenced in July 2002; however, the transaction faced some challenges that led to the withdrawal of some of the companies that indicated interest in acquiring the asset. By year 2005, the NCP/BPE executed a Share Sale/Purchase Agreement with Hekio consortium, the preferred winner of the competitive process, where 90% of the share was sold at the consideration fee of N700 million, and the company was handed over in 2006.
