DEADLINE: 29TH NOVEMBER, 2022
ASSET MANAGEMENT CORPORATION OF NIGERIA (AMCON)
COCOA FACTORY FOR IMMEDIATE SALE “AS IS”
REQUEST FOR BIDS FOR THE ACQUISITION OF COCOA FACTORY IN ILE-OLUJI ONDO STATE
1. BACKGROUND
Cocoa Factory Ile-Oluji is part of the Eligible Bank Assets (EBA) under Asset Management Corporation of Nigeria’s (AMCON) asset portfolio, acquired pursuant to AMCON’s statutory powers and mandate under the AMCON Act (as amended). The Factory was acquired through a Loan Purchase and Limited-Service Agreement (‘LPLSA) dated 2/11/2018, with which AMCON bought over Polaris Bank Limited’s (PBL) loan rights and the assets charged, mortgaged, or pledged as security with respect to the unpaid debt of Cocoa Product Ile-Oluji Limited, owed to PBL. We are desirous of selling the factory “AS IS”
2. DESCRIPTION AND LOCATION OF COCOA FACTORY IN ILE-OLUJI
The Factory is an Asset of Cocoa Product (Ile Oluji) Limited, a Company incorporated on the 1″ April 1980 and commenced operations in May 1984. The Factory has two lines with total annual capacity to process 30,000 of cocoa beans into various products. The first line has capacity to process 18,000 tons of beans to cocoa butter, cake and powder while the second line with 12,000 capacity processes beans to cocoa liquor. The Factory is located located at KM2 Ile-Oluji offOndo-Akure Road, Ondo State.
3. ELIGIBILITY TO PARTICIPATE
To participate in the process, an interested party must meet the following criteria: 1. Individual/Corporate entity must not be indebted to AMCON ii. Directors of interested companies must not be indebted to AMCON Individual must not be an AMCON employee, a relative of an AMCON employee or member of the Board of AMCON.
4. MODE OF APPLICATION AND REQUIREMENTS
Interested buyers of the Factory should send their bids to the NOMINEE RECEIVER/MANAGER’s office located at 3″ Floor, Plot 114, Yakubu Gowon Crescent Asokoro, Abuja on or before Tuesday, November 29, 2022, indicating the offer price for the Factory. The profile of the buyer should be included and same should contain its certificate of incorporation and the relevant company registration documents showing details of the company’s directors, shareholders, and ownership structure. The contact persons, office, and contact address, including telephone numbers and e-mail addresses, should also be provided.
5. INSPECTION OF THE FACTORY
Bidders are encouraged to visit the Factory between the date of this publication and Tuesday, November 29, 2022, before submitting their bids.
6. PROCEDURE FOR THE SUBMISSION OF BIDS
Bids must be submitted in a sealed envelope with one original and 5 copies, duly signed by the authorized representative of the applicant and delivered alongside bid amount in certified Bank Drafts payable to the Asset Management Corporation of Nigeria (AMCON) or evidence of the transfer of 10% of the bid sum to AMCON via Remita platform.
7. OPENING OF BIDS:
i. The deadline to submit bids is 11:00 am Tuesday, November 29, 2022 at the AMCON Abuja office.
ii. All bids submitted will be opened at the AMCON Abuja office at 12:00 noon Tuesday, November 29, 2022.
iii. All bidders and / or their representatives are welcome to be present at the bid opening. The highest bid for each property will emerge the winner subject to the highest bid being equal to or above the reserve price. Results will be announced immediately after the conduct of the exercise.
iv. In the event of a tied bid at the bid opening or where none of the bids match or exceed the reserve price, bidders will be required to submit fresh bids at the bid opening. The outcome of the fresh bid submissions will be announced at the bid opening.
v.Conclusion of sale will be subject to the approval of AMCON’s Board of Directors
8. EVALUATION OF BIDS
i) The Factory will be offered to the highest bidder(s), subject to the bid being higher or equal to AMCON’s Reserve Price.
ii) Bids must comply with all Government statutory requirements and financial regulations, including KYC forms.
il) Full payment must be made within 30 days of the receipt of notification of the success of the bid.
iv) The Factory is to be sold “as is”, and no warranty or guarantee is given on the condition of the Factory.
9. NOTIFICATION OF RESULTS
Successful bidder(s) will be informed in writing. If the need arises, communication may be made to multiple bidder(s) on the basis of first to pay.
10. COMMUNICATION:
All Bids, enquiries and applications should be clearly marked “PURCHASE OF THE COCOA FACTORY AT ILE-OLUJIONDO STATE” and addressed to:
3rd Floor, Plot 114,
Yakubu Gowon Crescent, Asokoro,
Abuja
Federal Capital Territory
Email: tsalman@bricksandravenlegal.com
