The Director-General, Bureau of Public Enterprise (BPE), Mr Benjamin Dikki, on Friday said that the Federal Government realized N669 billion from privatization of its enterprises from 1999 to date.<\/p>\n
Dikki made this known while delivering a lecture on \u201cFederal Government\u2019s Privatization and Economic Reform Programme\u201d at a forum organized by Just Friends Club of Nigeria in Abuja.<\/p>\n
He said that the amount was proceeds from 122 enterprises privatized from 1999 to 2012 and revenue generated from the privatization of the power sector in 2013.<\/p>\n
He disclosed that 2.5 billion dollars (about 417.5 billion) was realized from payments made by \u201cpreferred bidders of 15 out of the 18 successor companies of Power Holding Company of Nigeria (PHCN)\u201d.<\/p>\n
He said that N251.5 billion was realised as gross proceeds from the privatisation of the 122 enterprises, adding that N147 billion was remitted to the Privatisation Proceeds Account at the Central Bank of Nigeria as net profit.<\/p>\n
Dikki added that N384 billion was spent on settling labour liabilities in the power sector before the companies were handed over to the new investors on Nov. 1, 2013.<\/p>\n
He stated that 66 per cent of the privatised enterprises were performing well while 34 per cent was not doing well.<\/p>\n
He said that the process of unbundling the Kaduna Electricity Distribution Company and Afam Generation Company, which was unsuccessful during the first sale, was currently nearing completion.<\/p>\n
The director-general said that although BPE was known mainly for its privatisation activities, it had begun the handling of reforms in different sectors of the economy.<\/p>\n
He cited the reform in the telecommunication sector, which he said had created lots of jobs and generated huge revenue for the government, as one of the reforms it handled.<\/p>\n
\u201cThe establishment of the Debt Management Office (DMO) was one of the outcomes of the reform works of the bureau.<\/p>\n
\u201c Before its creation, there was nobody to monitor government borrowing,\u2019\u2019 he explained.<\/p>\n
Dikki said that BPE was currently pushing for the passage of seven bills which would open up the Nigerian economy \u201cfor healthy businesses to strive\u201d.<\/p>\n
On its initiatives, he expressed the hope that refineries would be privatised pending the passage of the Petroleum Industry Bill.<\/p>\n
\u201cThe government is intent on privatising the refineries because of the impact it will have in growing the Nigerian economy.<\/p>\n
\u201cRight now, Element Petroleum, an oil firm, requires the by-product of refineries to produce its own product.<\/p>\n
\u201cBut it doesn\u2019t have enough supply because the refineries are not operating at levels of expectations.<\/p>\n
\u201cSo, if we can privatise the sector, many private individuals will be able to open more refineries in the country and this will translate to added jobs,\u201d he said.<\/p>\n
He hinted that Pipelines and Product Marketing Company and the Nigerian Gas Company would be privatised.<\/p>\n
In his remarks, the President, Just Friends of Nigeria Club, Mr Green Amakwe, said that the club chose Dikki for the lecture due to his success in dealing with investors.<\/p>\n
\u201cBPE is now seen as a government agency that plays by the rules of due process, accountability and a high degree of transparency and international best practices in its dealings.<\/p>\n
\u201cThis enviable achievement has made it incumbent on us to honour the BPE by nominating its director-general to deliver our inaugural lecture on their success story,\u201d he said. (NAN)<\/p>\n
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The Director-General, Bureau of Public Enterprise (BPE), Mr Benjamin Dikki, on Friday said that the Federal Government realized N669 billion from privatization of its enterprises from 1999 to date. Dikki…<\/p>\n","protected":false},"author":1,"featured_media":28557,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-28556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n