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BPE moves to revive ‘dormant’ privatized firms

The Bureau of Public Enterprises (BPE) said on Monday it has commenced moves to revive firms that are non-performing 10 years after their privatization to different core investors.

The Director General of BPE, Mr. Alex Okoh, who disclosed this during the enterprise stakeholders/investors forum in Abuja, said if the firms are rejuvenated, it would benefit the host community where they are located and the government of such areas in term of employment generation and taxes.

He said the BPE would offer assistance to ensure that the companies are rejuvenated and commence operations in no distant future.

He said: “We owe that as a duty to Nigerians whose mandate we have discharged by privatising these common assets to the private entrepreneurs. I am delighted today as we are hosting this forum to inject new lease of life into these enterprises and hoping that the ultimate objective of NCP/BPE and Federal Government would be achieved.”

Okoh said 63 per cent of the 142 privatized enterprises had been performing while 37 per cent were not performing up to expectation.

He added: “From the time that the privatization program started in the 1980’s, the Bureau has successfully privatised 142 enterprises by December 2017.

“Out of this number, a total of 94 enterprises have been successfully monitored, covering critical sectors of the Nigerian economy from the transport sector to Vehicle Assembly Plants, oil palm, cement, hospitality, fertiliser, bricks and clay, mines and steel, national facilities, oil and gas, ports, power and communication.

“From this number of privatized enterprises, 63 per cent of them are performing while 37 per cent are not performing as expected.  This assessment is based on an analysis of the covenants and levels of compliance, challenges and recommendations from 2010 to 2017.”
BPE moves to revive ‘dormant’ privatized firms Reviewed by Akande Boluwatife on July 23, 2018 Rating: 5

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