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NZ Post - Memo Of Understanding With Nigeria

For immediate release 30 June 2000


NZPIL SIGNS MEMORANDUM OF UNDERSTANDING
WITH NIGERIAN GOVERNMENT

NZPIL’s Managing Director Mr Drew Stein announced today that NZPIL had negotiated and signed a Memorandum of Understanding with the Nigerian Government to transform the Nigerian Post Office (NIPOST), from a loss-making Government department into a commercial and profitable organisation ready for privatisation.

The Privatisation Council chaired by the Vice President of Nigeria has ratified the agreement and officially appointed NZPIL as its contractor.

Mr Stein said the multi-million dollar project would be larger than the strategic management contract NZPIL won last year in South Africa and follows on from numerous recent NZPIL successes in the marketplace.

“Signing the Memorandum and official appointment as contractor reflects the strong reputation of NZPIL in the highly competitive global postal consultancy market. The Nigerian Government recognised the urgent need to reform its postal infrastructure and was also impressed by NZPIL’s reputation as an organisation capable of converting loss-making postal administrations into profitable postal entities,” said Mr Stein.

Mr Stein said the contract would cover three key phases.

“The first phase is establishing a corporate structure which involves the formation of a limited liability company. This will include restructuring the Finance and Treasury operations, developing appropriate governance structures and appointing an independent board.”

Once the new corporate structure is established, NZPIL’s objective is to make the company profitable. During this phase, experienced executives from New Zealand companies and other countries working under contract to NZPIL would be appointed to the key management positions within NIPOST.

The final phase in the reform process is preparing the organisation for privatisation by developing and implementing a tender process and then managing that process through to conclusion with the introduction of a private or corporate purchaser.

“The next few years will be very challenging as NZPIL works closely with the Nigerian government to turnaround its current postal infrastructure into one that is commercially sound, profitable and service oriented,” Mr Stein said.

…2/

-2-


NZPIL (www.nzpil.co.nz) has built a considerable portfolio of management and consulting contracts in numerous countries around the world and winning the Nigerian contract by negotiation rather than tender demonstrates the high esteem and reputation that NZPIL has established for itself in the world market.


EDITORS PLEASE NOTE:

NZPIL (New Zealand Post International Limited) which is a wholly owned subsidiary of New Zealand Post has negotiated and is responsible for the contract both in an operational and financial sense with the Nigerian Government and not New Zealand Post.

ENDS

For further information:
Drew Stein, NZPIL Managing Director
Tel: +64 4 496 4427

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