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BPE commences review of non-performing enterprises

Bureau of Public Enterprises has commenced a thorough review of the non-performing enterprises to ascertain the issues affecting their non- performance.

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Director General of BPE, Mr. Alex A. Okoh said when he received members of the House of Representatives Committee on Privatisation, led by its Chairman, Alhaji Ahmed Yerima who where on an oversight visit to the Bureau in Abuja said, “The has privatized 142 enterprises from inception to date, out of the number, 94 enterprises have been monitored while the rest have been not because “some were either assets sale or in the first phase of privatization and as such did not fall   within the BPE’s monitoring purview”.

He said, “Out of the privatised enterprises, 63 percent of them are doing well while the remaining 37 percent are not performing. This is attributed the poor performances of the non-performing enterprises to the operating business environment in the country in which many private or privatised public enterprises have either closed down or relocated to neighbouring countries.

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Out of the 142 privatised enterprises, the Director General said, 63 were through core investor sale, nine through guided liquidation, one through sale to existing shareholders, five through public offer and two, through liquidation. He added that eight were privatised  through private placement, 41 through concession, two through debt/equity swap and 11 through sale of assets.”

In his remarks, Chairman of the House of Representatives Committee on Privatisation, Alhaji Ahmed Yerima said, “the Committee wants to have first hand information on BPE activities and to ascertain its compliance with the 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.”

 I assure that the Committee would use it legislative powers to ensure that BPE’s mandate is not usurped by MDAs; and noted that any attempt in that direction was an infraction on the constitution of the country”.  

 

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