THE BUREAU OF PUBLIC ENTERPRISES-
EXPRESSION OF INTEREST (EOI) FROM PROSPECTIVE FIRMS FOR THE PROVISION OF TRANSACTION ADVISORY SERVICES FOR THE PARTIAL PRIVATISATION OF YOLA INTERNATIONAL HOTEL

THE BUREAU OF PUBLIC ENTERPRISES
IN COLLABORATION WITH
ADAMAWA STATE GOVERNMENT
INVITES EXPRESSION OF INTEREST (EOI) FROM PROSPECTIVE FIRMS FOR THE PROVISION OF TRANSACTION ADVISORY SERVICES FOR THE PARTIAL PRIVATISATION OF YOLA INTERNATIONAL HOTEL

A. BACKGROUND
Adamawa State Government in its drive to optimize values of some of its redundant and sub-optimally utilized assets has resolved to unlock the potential of one of its prime assets, Yola International Hotel (YTH). The desire is to optimize the value of the hotel by way of partial privatization and through the technical support and guidance of BPE view of this, the Bureau of Public Enterprises (BPE) in collaboration with the Adamawa State Government through the Adamawa State Investment and Property Development company Limited hereby invites “Expressions of Interest” from prospective technical advisers to provide transaction advisory services for the partial privatization of YIH.

B. BRIEF OF YIH
The Hotel was incorporated in 1979 as a private company Limited by Shares. The Hotel is situated at Kashim Ibrahim Road, Jimeta – Yola, strategically located at a prime location in Yola (i.e., overlooking the bank of River Benue). Based on its location, the YIH has potential to be a viable and profitable facility. The hotel has the following facilities which include but not limited to:

Uncompleted facilities (Toilet fittings, electrical fittings, halls) (Toilet Fittings, electrical fittings, halls)

C. OBJECTIVES
The Transaction Advisory Service provider will evaluate the present status of YIH and provide all necessary technical assistance to the BPE and the Project Delivery Team (PDT) (comprising representatives of BPE and the State Government) in relation to the successful partial privatization of YIH. The Technical Adviser (TA) will in addition to taking all necessary steps to ensure a successful conclusion of the transaction, specifically undertake the following tasks:
a. Conduct a due diligence review of the YIH and the activities necessary to prepare it for partial privatization.
b. Evaluate the hospitality sector in Adamawa State and review the previous operations and performance of YIH to provide an assessment of the suitability or otherwise of the proposed privatization option;
c. Develop and drive stakeholder sensitization and engagement strategies for a successful transaction;
d. Develop detailed privatization plans for the enterprise along the lines of the partial divestment of Adamawa State Government’s shares in the entities;
e. Develop a process for the identification and selection of the most suitable investor for the YIH;
f. Advise the Bureau and Adamawa State Government on the current and prospective competitiveness of the YIH and the prospects of its long-term viability and impact to the growth and development of the State;
g. Assess various transaction options for the enterprise and recommend appropriate options, paying particular attention to appropriate ownership and control structures/mechanisms for the hotel and recommend appropriate levels of equity of the YIH to be divested to the core investor.
h. Develop a financial model showing the potential cash flow generation capacity of the hotel together with its NPV and IRR components.
i. Develop the bidding and sale marketing and processes necessary for attracting and maximizing private sector participation in the management, control and/or ownership of the enterprise.
j. Conduct valuation of the enterprise based on internationally recognized valuation techniques;
k. Develop and implement sales methodologies for the YIH to ensure the emergence of a credible and technically/financially competent core investor that will unlock the potential of YIH and optimize its value to create employment and contribute to the growth and development of the state.

D. METHOD OF APPLICATION
Interested firms should indicate their interest by providing the following documentation and information;
Firm information
a. Full name of company, postal addresses and contact persons, telephone and e-mail addresses.
Nigerian firms
b. Evidence of Statutory Compliance b) Evidence of registration with the Corporate Affairs Commission (CAC) by submission of Certificate of Incorporation including forms CAC2 and CAC7 or CAC form 1.1;
c. Evidence of 2022 Pension Compliance Certificate
d. Evidence of 2022 Industrial Training Fund Compliance Certificate;
e. Evidence of 2022 Nigeria Social Insurance Trust Fund Compliance Certificate;
f. Evidence of tax payment in Nigeria (2020,2021,2022)
g. Financial Information Submission of Audited or Management Accounts for 2020, 2021 and 2022

Foreign Firms:
a. Full name of company and contact person, postal address, telephone/GSM numbers and e-mail addresses;
b. Evidence of company registration in home country; and
c. Evidence of tax payment in home country (2020,2021 and 2022)

E. TECHNICAL & OPERATIONAL CAPACITIES
• BPE requires that all firms responding to this request for expression of interest have at least ten (10) years of relevant experience in advisory capacity (could be in privatization or concession (either at the sell or buy side ) etc.
• Proof of capabilities (with documentary evidence) specifically in carrying out the privatization or concession of a hotel or any enterprise in the hospitality or services industry indicating number of years of experience and list of relevant transactions handled. This includes previous work on similar projects in developing countries within the past ten (10) years;
• Proof of Alliances/Partnerships;
• Names and Curricula Vitae of Firm/Consortium’s executives who will be assigned to the services being applied for, including verifiable individual qualification and experience in similar assignments within the last ten (10) years; and
• A brief intended approach to assignment (work plan and proposed timeline)

F. SUBMISSION OF EXPRESSIONS OF INTERESTS
Expressions of Interest, which should be well formatted and paginated, must be submitted in one (1) original and Five (5) copies with one e-copy (in a flash drive) in a sealed package clearly marked “(Expression of Interest: TA for the partial privatization of Yola International Hotel)” and addressed and delivered not later than 1:00pm (13:00 hours) Nigerian Time on Wednesday, April 19, 2023, to:
Alex A. Okoh
Director General
Bureau of Public Enterprises
11, Osun Crescent, Off IBB Way
Maitama District, FCT, Nigeria
Website: www.bpe.gov.ng
Attention: Sutura Aisha Bello
Director, infrastructure and Public Private Partnership Department
Room 131
Tel: +234-09-4604450, +2340837803005
Email: [email protected]

Late submissions will be rejected.

G. NOTE
h. Failure to provide the requested information in full will render an application non-responsive and invalid
i. Only shortlisted firms will be contacted.