National Council on privatisation
Vice President Prof. Yemi Osinbajo and members of the newly reconstituted National Council on Privatization during inauguration at Abuja

Osinbajo Tasks Privatization Council On Key Economic Reforms

2 years ago
3 mins read

Vice President Prof. Yemi Osinbajo (SAN) has tasked members of the reconstituted National Council on Privatisation (NCP) to tackle new transactions and reform activities of the Federal Government as well as resolve some of the thorny economic issues that are critical to the country’s accelerated economic development.

The vice president who is the chairman of the council, while inaugurating the Council at the Presidential Villa recently, said that the “inauguration marks another milestone in our Administration’s drive towards economic rejuvenation and liberalization as the pathway to unleashing the immense potentials of Nigeria’s economy”.

He listed the thorny economic issues such as: addressing the current and emerging challenges in the reform of the National Electric Power Industry (NESI); Continuation of the Reform in the River Basin Development Authorities and National Parks sub-sector; reform of the transport sector; commercialisation of enterprises in the communications & media sector; the pending reform bills for the keys sectors of the Nigerian economy; robust monitoring of privatised enterprises.

Others are embracing Public-Private Partnerships (PPP) for the provision of much-needed infrastructure to fast-track the nation’s economic development; and identification and optimisation of public assets to unlock the liquidity and economic benefits for the country.

Osinbajo charged the NCP members to conduct the reform programme in a transparent, sustainable, credible and widely accepted manner.

“We are required to take appropriate steps to ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of the reform programme,” Osinbajo advised.

The Vice President further charged the members to diligently carry out the statutory responsibilities assigned to the Council as encapsulated in the Public Enterprises (Privatisation and Commercialisation) Act of 1999, which amongst others include the following:
·         Approve policies on privatization and commercialisation;
·         Approve guidelines and criteria for the valuation of public enterprises and choice of strategic investors;
·          Approve the prices for shares or assets of the public enterprises to be offered for sale;
·         Approve the legal and regulatory framework for  public enterprises;
·         Review from time to time, the socio-economic effects of the programme of privatisation and commercialisation and decide on appropriate remedies; and
.         Appoint committees comprising persons from private and public sectors with the technical competence to advise on the privatisation and commercialisation of specific public enterprises.

He reminded the new members that the NCP is the body, statutorily mandated to determine and formulate strategic plans and approve policies on privatisation, commercialisation and reforms of the various sectors of the economy, as well as articulate a clear vision to drive the  economy for the political, economic and social wellbeing of all Nigerians.

The NCP Chairman stated that by the constitution of the Council, President Muhammadu Buhari has entrusted the members  with the strategic national assignment of piloting the nation’s sector reform initiatives and the privatisation and commercialisation programme on behalf of his administration.

He added “Your appointment as a member of the  Council is a unique opportunity to utilize your well-acknowledged skills and experience to contribute to the socio-economic development of our country. Some of the cardinal objectives of the economic agenda of this administration are to ensure accelerated growth of the economy; provide infrastructure; create jobs and provide a suitable environment for productive activities to flourish and tap our enormous natural wealth for the benefit of our people”.

Osinbajo revealed that since the inception of the NCP and its precursor (Technical Committee on Privatisation and Commercialisation (TCPC), it has realized about N1 trillion in proceeds for the federal purse, arising from completed transactions and reforms that have contributed significantly to the country’s overall economic development.

Prior to their inauguration, the Private sector members  of the NCP were briefed by the Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh at the Bureau’s corporate offices in Abuja.

Apart  from the Vice President, Prof. Yemi Osinbajo (SAN), who is the Chairman, other statutory members of the reconstituted NCP are:
The Vice Chairman and Hon. Minister of Finance, Budget and National Planning, Dr. Mrs Zainab Shamsuna Ahmed, Minister of Trade, Industry and Investment, Otunba Richard Adeniyi Adebayo, Minister of Justice and Attorney-General of the Federation, Mallam Abubakar Malami (SAN), Secretary to the Government of the Federation (SGF), Mr. Boss Gida Mustapha, Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and Special Adviser to the President on Economic Matters; Dr. Adeyemi Dipeolu.

The private sector members of the new NCP are:
Mr. Muhammad Kabir Ahmad, Hon. Nasidi Ali, Mr. Remi Morgan and Dr. Marius Emeka Adimmadu. The Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh will serve as member/Secretary.


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