Senate Probes Privatisation Exercise


The activities of the Bureau for Public Enterprises, BPE, and the National Council on Privatisation, NCP, came under serious criticism this morning as the Senate at its plenary passed a resolution for the investigation of the entire privatisation exercise in the country since inception.


The resolution followed the motion brought on the floor by Sen Ahmed Lawan and seconded by Sen Harcout Eyinanya Abaribe.


The mover noted that after about ten years of the exercise, it has regrettably become apparent that the exercise has failed as the much anticipated socio-economic progress which the exercise was expected to bring to the country has remained elusive.


Since inception, the activities of the Bureau have been characterised by controversies. While the core investors have repeatedly failed to the deliver on their promises and mandates, the agencies have also been accused of inefficiency, shady deals and lack of transparency in carrying out the sales of government properties.


The motion received an overwhelming endorsement from the Senators.


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Smart Adeyemi maintained that rather than transform the fortunes of the companies, owners of the companies that bought the privatised companies have only succeeded in milking what is left of the companies as they embarked on an unscrupulous and selfish money making venture as well as building indecent financial empire for themselves and their family members.


Senator Babafemi Ojudu representing Ekiti Central while urging the Senate to ensure that everything must be done to correct all the obvious anomalies, however, regretted that it took the Senate about a decade to rise up to this massive rape on the country’s financial fortune.


On adoption of the motion and its prayers, the Senate resolved to set up an ad-hoc committee with a specific charge to investigate all immediate and remote causes of the failure of the policy and make resolutions as may be deemed appropriate.


Members of the seven member ad-hoc committee which is headed by Sen Ahmed Lawan include Senators Babafemi Ojudu, Aliyu Ndume, Philip Aduda, Ifeanyi Okowa, Hope Uzodinma and Mohammed Magoro.


The committee is to turn in its report within four weeks.

By Desmond Utomwen/Abuja

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