Business
BPE Privatises 142 Enterprises

Director-General, Bureau of Public Enterprises (BPE), Mr Alex Okoh, said the bureau privatised 142 enterprises from inception in 1993 to date.
A statement by BPE’s Head of Public Communications, Amina Othman, in Abuja, yesterday said Okoh stated this while receiving House of Representatives Committee on Privatisation on an oversight visit to the bureau.
Okoh told members of the committee that out of the privatised enterprises, 94 had been monitored, adding that 63 per cent of the enterprises were doing well while 37 per cent were not performing.
He attributed the poor record of the non-performing enterprises to operating business environment in the country in which many private or privatised public enterprises had closed down or relocated to neighbouring countries.
Okoh, however, said that the committee had commenced a thorough review of the non-performing enterprises to ascertain the issues affecting them.
He said that 63 enterprises were privatised through core investor sale, nine through guided liquidation, one through sale to existing shareholders, five through public offer and two, through liquidation.
“Eight were privatised through private placement, 41 through concession, two through debt/equity swap and 11 through sale of assets.
“Five are in agric mechanisation, eight in automobiles, seven in banking and insurance, six in brick making and six in the cement sector.
“The others are 10 in energy construction and services, 12 in hotels and tourism, eight in oil and gas, four in paper and packaging.
“Nineteen are in solid minerals and mining, seven in steel and aluminium, four in the sugar sector, 26 in marine transport sector, 19 in power and one in telecoms,” he said.
Okoh listed the new initiatives embarked upon by the bureau to include Afam Power and Yola Distribution Company privatisation and concession of Terminal B of Warri old Port.
According to him, others are the restructuring and commercialisation of the Bank of Agriculture (BOA), partial commercialisation of Nigerian Postal Service (NIPOST), restructuring and commercialisation of the 12 River Basin Development Authorities (RBDAs).
He also said the bureau had embarked on reform and commercialisation of three of the nation’s national parks and other initiatives in the power sector.
Earlier, Chairman of the committee, Mr Ahmed Yerima, had said that the committee was at the bureau to have first-hand information on its activities.
He added that the visit was also to ascertain BPE’s compliance with provisions of the 2017 Appropriation Act in line with the resolution of the House that all Ministries, Departments and Agencies (MDAs) complied with the Act.
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