BREAKING: Taraba To Sell Government Owned Industry To Private

 BY: News Peddlers  

The Taraba State government announced plans to sell Taraba Beverages Nigeria Ltd, the company that produces Mambilla Highland Tea, to private investors.

Ezikiel Iliya, the Managing Director of Taraba Investment and Property Development, revealed this to reporters in Jalingo on Wednesday. He explained that the agency's function was to create government corporations and then sell them to private investors.

This development comes just ten days after the Bauchi State government announced its completed plan to transfer ownership of Zaranda International Hotels and five other state-owned companies to private entities. This decision was met with public outrage, particularly from the opposition.

According to research, Mambilla Highland Tea producer Beverages Company Ltd is one of Africa's largest green tea sourcing companies, handling over 1.5 million kilos of tea annually. It is situated in the state's Kakara, Sardauna Local Government.

However, Iliya added that more state-owned enterprises will be privatized in order to build new ones. According to him, privatization is the most common policy that can sustain any public business, and the state government's intention was to privatize its shares and equity in order to develop more companies.

"We are not selling the company in its entirety," he explained, "but rather transferring ownership structure from the government to private individuals."

He also stated that 75% of the shares would be sold, with the remaining 25% owned by the Taraba State government. Iliya stated that the state government will ensure that the company is handed over to worthy entities to ensure its sustainability.

Iliya also stated that repairs to the Green House, which produces Taraba Vegetables, had begun in preparation for its privatization.

(NAN)