N2trn Realized From Sale of State Enterprises Since 1999 - BPE

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Tuesday, June 25, 2019 / 04.45PM / Ottoabasi Abasiekong for Proshare WebTV / Header Image Credit:  Proshare WebTV 

 

About N2trillion has been raised by the Bureau of Public Enterprises (BPE) in the sale of State Owned Enterprises, SOEs, in Nigeria since 1999. 

The Director-General of the BPE, Mr. Alex Okoh, disclosed this as a guest speaker at the 2019 Institute of Directors, Nigeria Fellows Luncheon in Lagos. 

Out of the 154 enterprises which cover sectors like Banking and Finance, Power, Energy, Oil and Gas, Hotels & Tourism, Aviation etc., 103  according to Okoh are performing and creating value for the economy. 

The success of these companies represents a 67% success rate in the privatization process of State-Owned Enterprises in Nigeria. 

The BPE DG also highlighted that 41  of the SOEs privatized are non-performing at the moment. 

Okoh also noted that as part of the institutional reforms carried out by BPE, the National Pension Commission, PENCOM, was created and currently has N9trillion in its fund.

 

Speaking further on reforms and privatization Okoh observed that about 1.2million jobs had been established in the country, through privatized Enterprises.

Looking at 2019 , the BPE DG outlined the following plans;

  • Privatization of the 970mw Afam Power Station
  • Re-Privatization of the Yola Distribution Company
  • Additional Sale of 29% FG Stake in Geregu Power Plant
  • The Privatization of the Kano and Calabar Free Trade Zone
  • Restructuring and Recapitalization of Bank of Agriculture
  • Partial Commercialization of Nigerian Postal Services, NIPOST -Commercialization of 3 National Parks
  • Commercialization of 12 River Basin Development Authorities

 

He described the Nigerian Capital Market as a credible platform for divesting national assets, and broadening the share ownership of enterprises. 

Okoh reminded stakeholders that in the military era enterprises like First Bank, Union Bank and UniPetrol were privatized through the market. 

The BPE according to him, has embarked on discussions with the Nigeria Stock Exchange and Securities and Exchange Commission, to explore new ways of attracting state enterprises to the market for listing. 


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