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Nigeria to Sell 24% of Its Stake in Transcorp Hilton Hotel

Feb. 24 (Bloomberg) -- Nigeria will sell 24 percent of its 49 percent equity stake in the Transcorp Hilton Hotel in Abuja, the capital, through an initial public offer of shares scheduled to be completed in September.

The sale is part of the government’s effort to reduce “waste in public enterprises,” Bolanle Onagoruwa, director general of the Bureau of Public Enterprises, the government’s privatization agency, said today in an e-mailed statement from the city.

Ten percent of the shares to be offered will be reserved for workers of the 670-bed hotel, Onagoruwa said. The majority of the hotel is jointly held by Capital Consortium and Transnational Corporation Plc, formerly called Nirmsco Properties, according to the statement.

Lead Capital Markets Ltd., based in the commercial hub of Lagos, was named as the transaction adviser on the sale in April 2010.

To contact the reporter on this story: Paul Okolo in Abuja at pokolo@bloomberg.net.

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net.

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