Aso Rock moves to establish (failed) Privatisation Tribunal

Posted by Frederick Nwa-Oni, Abuja | 1 January 1970 | 3,109 times

Gmail icon


Worried by the number of enterprises that have recorded failure after they were privatised due to litigations, the Bureau of Public Enterprises (BPE) yesterday revealed that the federal government is at the verge of establishing a Privatisation Tribunal which will have High Court status and adjudicate on matters relating to any enterprise sold, but which the new owners have run aground.

Director-General of the BPE, Mr. Benjamin Dikki, made the disclosure during the unveiling of the 2014 work plan of the Bureau in Abuja. He said that Vice President Namadi Sambo, who chairs the National Council on Privatisation (NCP), has directed the Attorney-General of the Federation and Minister of Justice, Mohammed Adoke, to fine-tune the process and proffer the way forward.

Dikki expressed dismay that government could not take back companies sold even when they are not doing well largely due to the fact that when the new owners sensed that the federal government is about retrieving the enterprise would quickly go and get a court injunction stopping the process, while the firm suffers.

This, he said, cannot be allowed to continue as the tribunal when it comes into effect, will give the BPE powers to retrieve any enterprise that is not doing well as enshrined in the BPE Act.

He also revealed that the BPE in line with its 2014 work plan targets N535.3 billion from definite transactions based on its proposal to handle a total of 23 such transactions, while the Bureau targets about N211.3 billion from prospective transactions when they are executed.

Dikki added that the Bureau has secured approval to execute the guided liquidation of NITEL/MTEL and review the policy, legal and regulatory framework that would prepare ground for the commercialisation of NTA, FRCN, NAN and National Film Corporation.

According to him, the court process for the appointment of the liquidator for NITEL/MTEL was concluded when the Federal High Court sitting in Abuja on March 14, 2014 granted the petition for the winding up of the organisations through a guided liquidation process and the appointment of Otunba Olutola O. Senbore as liquidator.

•Photo shows NCP Chairman, Vice President Namadi Sambo.


Source: News Express

Readers Comments

0 comment(s)

No comments yet. Be the first to post comment.


You may also like...