The Federal Government has inaugurated four committees to recover ailing private-public companies nationwide.
This was contained in a statement by Head, Public Communications, Bureau Public Enterprises (BPE), Ibeh Chidi on Monday.
According to the statement, “The four technical working groups (TWGs) are to review and implement a strategic roadmap for the resuscitation of ailing enterprises in the country.
“The groups comprise automobiles, housing (bricks and clay), mines and steel as well as oil palm sectors.
“They are expected to examine the challenges in the sectors and develop a comprehensive five-year (2023–2027) turnaround programme for each of the non-performing enterprises.”
The Director-general, BPE, Alex Okoh, represented by Ignatius Ayewoh, BPE director of agriculture and natural resources said, “The initiative aligned with the ease of doing business and the federal government’s Economic Recovery and Growth Plan (ERGP).
“The inauguration was a culmination of the efforts by various stakeholders, which started in 2018, to revive non-performing privatised enterprises in the country.
“In discharging its supervisory duties on privatised enterprises through the instrumentality of result-based monitoring and evaluation (RBME), the privatisation agency discovered that about 16 percent of the privatised companies were non-performing, hence the result of the finding was submitted to the National Council on Privatisation (NCP) in 2018 and to the senate committee on privatisation in 2020.
“The terms of reference of the inaugurated TWGs included: To conduct a diagnostic study on the enterprises to identify their current status (operational and financial positions) and conditions in terms of ownership, share structure and capacity utilisation; prepare a business plan that meets the current sectoral requirements; and examine the challenges in the sectors.”
“Others are to develop a comprehensive 5-year (2023–2027) turnaround programme for each of the non-performing enterprises, review and advise the federal government on the processes and implementation turnaround programme.
“The TWGs are also to determine the potential and economic viability of the sectors,” the statement said.
The Director, post-transaction management, BPE, Toibudeen Oduniyi who also spoke at the inauguration urged the members “to contribute their wealth of experience and expertise for the actualisation of the much-desired revitalisation of the non-performing enterprises for the economic growth of the country.”