The House of Representatives on Tuesday mandated its Committee on Privatisation and Commercialisation to investigate the activities of the Bureau of Public Enterprise (BPE) from 2019 to May 2023
This followed the adoption of a motion moved by Hon. Hassan Shehu Hussain to the effect at the Plenary session presided over by the Speaker, Hon Tajudeen Abbas
The Committee is to report back within four weeks for further legislative action.
While moving the motion, the lawmaker said that the House noted that the Federal Government of Nigeria commenced the privatisation and commercialization of public enterprises in 2000.
According to him, it also noted that during the period under review, about 80 Public Enterprises were privatised through various modes of privatisation, including core investors, concessions, assets sales, initial public offerings (IPO), etc.
The House said it was aware that BPE was privatised in 2019 and that 29 per cent of the Federal Government’s shares in Geregu Power Plant went to the core investors to upgrade it to a combined cycle for a total sum of
N13,134,375,000.
The House said it was also aware that BPE, without the investors fulfilling their obligations to upgrade the plant to a combined cycle, sold an additional 20 per cent of the balance of shares meant for I.P.O. to the Nigerian public on the Nigerian Stock Exchange to the same investor in 2021.
The House is worried that the Geregu Power Plant may never be upgraded to a combined cycle by the investors since BPE has removed the public enterprises from post-privatization monitoring.
According to him, I am also worried that the balance of N78 billion between Afam Power and Afam Three Fast Power remains outstanding.
The parties signed the Share Sale Purchase Agreement in 2020, but only 25 per cent of the purchase consideration was paid.
It added that there was also a 100 per cent handover to investors on the condition that the balance would be paid upon commissioning of the Afam Three Fast Power, which was equally done by former Vice President, Professor Yomi Osinbanjo, before leaving office.
The House was concerned that the Federal Ministry of Justice recently blocked the signing of the Zungeru Power Plant Concession Agreement, which would have generated $350 million in concession fees, on the ground that there was no express approval by the Federal Executive Council (FEC).
The House was also concerned that the current Director-General of BPE has been ordered to be remanded in Kuje Prison for 30 days due to his refusal to implement a decision in Aluminium Smelter Company of Nigeria (ALSCON) transactions.
When the motion was put in for a voice vote, it was unanimously supported by other members.
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