Olusola Bello
Efforts by the Federal Government to revive some of the ailing privatised companies has received a boost with
The submission of the report of the four inter-agency committees on the resuscitation of the ailing and non-performing privatised companies in the country to the Bureau of Public Enterprises (BPE), has raised the hope that the Federal Government may revive some of the ailing companies.
Alex Okoh, the Director-General of BPE, while reeceiving the report at the weekend, said the federal government has the political will to resuscitate ailing and non-performing privatised enterprises.
According to Okoh, the privatised enterprises cut across several sectors, including agriculture, banking, insurance, hospitality, industry and manufacturing, oil and gas, power, port, mines and steel, automobile, paper and packaging, as well as, telecommunications.
The BPE boss expressed optimism that the outcome would bring the desired solution to the non performing privatised enterprises.-
A statement by the BPE’s Head of Public Communications, Amina Othman, quoted Okoh as expressing the commitment of BPE to collaborate with relevant agencies to resuscitate and bring to life the moribund enterprises.
He was said to have commended the wealth of experience, expertise, commitment, diligence, and intellectualism exhibited by the members of the committee in the course of carrying out their assignment.
He said the affected enterprises, which were privatised about 10 years ago in the automobile sector, bricks and clay (housing) sector, oil palm sector, mines, and solid minerals sector, and others failed to meet the aim of privatisation and reform programme of the federal government.
“Hence the government through the National Council on Privatisation (NCP) directed the BPE to investigate the cause(s) for their inability to perform.
“Also to proffer viable and acceptable solutions to resuscitating them to perform optimally, create employment, boost the economy and increase Gross Domestic Product (GDP) among other benefits.”
He promised that the findings of the committees would be shared among all stakeholders to spur them to meet their organisational objectives and that of the federal government’s privatisation and reform programme.
The BPE earlier in the year had constituted four committees to help resolve the complexities and challenges hindering the growth and development of some privatised enterprises.
The committees were those on Housing Sector (the Bricks and Clay), Mines and Steel Development, Oil Palm, Automobiles, and Paper Mills.
Okoh had explained that the inauguration of the committees is part of its determination to ensure the privatised enterprises yield dividends to Nigerians
He said the committees were mandated to come up with a mechanism to redress the issues hindering the growth and development of some privatised enterprises handed over to core investors over a decade ago under the privatisation policy of the federal government.
Also, the committees were to provide policymakers with further insight into the practical realities facing the sectors under which the enterprises were privatised as well as proffer credible solutions on how to resolve the problems
The agency had stated earlier in the year that about two in five companies privatised by the Bureau for Public Enterprises since inception are not performing.
The agency said it had privatised 142 enterprises since its inception in 2004 with 37 per cent of them (52) not performing.
