Amechi Ogbonna
The Bureau of Public Enterprises (BPE), yesterday said it targets over N300 billion from sale of the Federal Government assets to support financing of the N9.62trillion 2018 budget.
Its Director-General, Dr Alex Okoh, who disclosed this at the stakeholders’ media interactive forum organised by the Enterprise and the Stakeholders Engagement Committee of the National Council on Privatisation (SEC-NCP), said more of idle assets of the government would be put up for sale to generate funds to oil the government’s economic reform agenda.
The event, presided over by Alhaji Lai Mohammed, the Minister of Information & Culture and the Chairman of SEC-NCP, also had the Director General of the National Orientation Agency, Mr Garba Abari, in attendance.
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In a presentation at the occasion, Okoh listed some of BPE’s impending privatisation transactions to include the concession of Warri Old Port, an offer for sale of the shares of Sahcol, a hybrid public offering of the shares of Nigeria Reinsurance, the reconcession of the Lagos International Trade Fair Complex to private sector operators and the Federal Government’s Initial Public Offerring of Eleme Petrochemical Industry.
He added that the sale of Afam Power Plant and three National Independent Power Projects as well as the partial commercialisation of the River Basin Development Authorities and National Parks are also in the pipeline.
Meanwhile, for stakeholders waiting to see the review of the port concession agreement with the Federal Government, the BPE boss said the process is due for completion in November.
According to him, government has already formed an implementation committee including the BPE, the Nigerian Ports Authority, the Ministry of Transportation and the Concessionaires themselves to resolve some of the issues raised , including the recalibration of their costing and charges. He said these issues are expected to be resolved before the end of November.
He that the BPE recently concluded the sale of the Federal Government’s 21 per cent stake in the Nigeria Security Printing and Minting Company to the Central Bank of Nigeria, stressing that the transaction will contribute a net sum of over N17 billion to the national treasury.
The BPE boss said that the process for recapitalisation of the Bank of Agriculture, to the tune of N250billion to create a stable financial institution that would support farmers, was ongoing.
He said the government, through the CBN; the farmers associations, would acquire 40 per cent each of the equity while the private sector would take 20 per cent.
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Okoh also disclosed that Nigeria Postal Agency (NIPOST) would be unbundled into five commercialisation entities.
The BPE boss said the Enterprise was entering into new privatisation reform programme through Public Private Partnership.
He said the new reform programme targeted the utility and infrastructure sectors including railway, highways, roads, airports and the health sectors.
Okoh appealed to the media to support the government in the privatisation process.