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FG to rake in N266bn from 19 enterprises’ sale

BPE’s Director General, Alex A. Okoh

The Federal Government will net N266.7 billion from sale of 19 government owned companies this year, the Bureau of Public Enterprises (BPE) has said.

The BPE’s Director General, Alex A. Okoh, who revealed this Wednesday in Abuja when the Senate Committee on Privatisation and Commercialisation paid an oversight visit to the privatisation agency, said though the total projected revenue from the companies’ sales was N270.6bn, N3.8bn was expected to be spent during the privatisation process.

Aside from the huge sum of revenue, the companies’ privatisation will also attract foreign direct investments (FDIs), increase export earnings, increase power supply, among other benefits, Mr. Okoh said.

He listed the companies to include: Nigeria Independent Power Plant, Afam power and Afam three fast power limited, Yola DisCo, Aluminium Smelter Company of Nigeria (ALSCON), sale of properties of Nigerian Mining Corporation (NMC), Mineral House, Ikeja, Lagos, and sale of non-core assets of the Nigerian Coal Corporation.

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Others, according to him, are: Dowell Schlumberger Nigeria Limited, A.C.M of Nigeria Limited, Bank of Agriculture (BOA), Nigeria Commodity Exchange (NCX) and Lagos International Trade Fair Complex.

He also listed River Basin Development Authorities, Tafawa Balewa Square (TBS), Lagos, Nigerian Film Corporation (NFC) and Nigerian Reinsurance Corporation.

The BPE would also net huge revenue for the government from reform of the health sector, partial privatisation of Calabar and Kano Free Trade Zones, development of infrastructure facilities at the tertiary educational institutions and from restructuring and modernisation of the Nigerian Postal Service (NIPOST).

He said since the beginning of the country’s privatisation process, a total of 234 public enterprises had been successfully privatised.

Out of the figure, he said, 78 % of them were performing while 16% were not performing. He added that performance evaluation was not yet carried out on some recently privatised enterprises, which made of the remaining 6%.

Responding to the BPE’s DG speech, the Chairman of Senate Committee of Privatisation and Commercialisation, Senator Theodor Orji said the Senate would ensure that all privatised companies were performing and creating jobs.

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