From Uche Usim, Abuja
The National Council on Privatisation (NCP), chaired by Vice President Yemi Osinbajo, has listed 42 transactions approved by the Bureau of Public Enterprises (BPE’s) 2022 work plan.
The transactions are 11 in energy sector, 10 in industries and services sector, eight in agriculture and natural services sector and 13 in Infrastructure and Public Private Partnership (IPPP) sector.
Rising from its first meeting for the year 2022 at the Presidential Villa, after its inauguration recently, the Council also approved 2022 Revenue and Expenditure of the Bureau, including the 2022 work plan risks and mitigation plans.
The BPE at the end of every year, carries out a post-mortem review of its activities and achievements vis-a-vis the current year’s work plan and prepares a detailed work plan containing the deliverables and the cost and revenue estimates for the upcoming year for consideration and approval by the NCP.
The work plan provides the framework for tracking the implementation and realisation of the approved projects.
It is a compendium of the various projects and reform initiatives which the BPE intends to carry out in 2022.
Meanwhile, the NCP has approved the delisting of three privatised enterprises from routine monitoring activities of the BPE. This is after they had fulfilled their covenants as identified in the Key Performance Indicators (KPIs) contained in the Share Sale and Purchase Agreement(SSPA)signed with the BPE.
The companies are Federal Superphosphate Fertilizer Company (FSFC), Kaduna; Cement Company of Northern Nigeria (CCNN) Sokoto and Ikoyi Hotel (now Southern Sun) Lagos.
Their delisting followed a request by the BPE to the NCP for approval at its maiden meeting for year 2022, held for two days, penultimate week, at the Presidential Villa. In its request, the Bureau noted that it had carried out a review of the enterprises in line with BPE’s mandate to manage post—privatisation issues of privatised public companies and was satisfied the core investors had ensured compliance with the covenants.
BPE stated that it had developed standard processes and procedures for delisting privatised enterprises which all privatised enterprises are bound to comply with before being recommended for delisting.
In assessing the now delisted enterprises, BPE said it reviewed all the data submitted by the core investors in line with their KPIs as indicated in the SSPA and followed up with an on-the- spot assessment of the companies to validate the data submitted, which showed excellent performance.