By Akanimo Sampson
The appointment of Alexander Ayoola Okoh, as the Director-General of Bureau of Public Enterprises (BPE) has been renewed for a second term of four years.
President Muhammadu Buhari approved the renewal in accordance with the provision of Section 17 (1)(a) and (2)(a) of the Public Enterprise (Privatisation & Commercialisation) Act, 1999.
Senior Special Assistant to Vice President Yemi Osinbajo on Media and Publicity, Laolu Akande, in a statement says the renewal will take effect from April 10, 2021.
Apart from being the resource centre for capacity building and sustenance of reforms through: Promoting a competitive private sector driven economy, enfranchising Nigerians Institutionalising social accountability, efficient deployment of public resources, enthronement of effective corporate governance, and financial discipline in the public and private sectors, BPE is the key driver of the Federal Government economic reform programme.
The Public Enterprises (Privatisation and Commercialisation) Act No. 38 of 1999 provides the enabling legislation for the implementation of the privatisation and commercialisation programme.
Part 1 of the First Schedule to the Act listed the PEs for partial privatisation while Part 2 listed the PEs for full privatization. Part 1 of the Second Schedule of the Act listed the PEs for partial commercialization, while Part 2 listed the PEs for full commercialisation.
PEs for full commercialisation are those PEs that are expected to operate profitably on a commercial basis, and raise funds from the capital market without government’s guarantee. Such PEs are to adopt private sector procedures and processes in running their businesses. In order to ensure effective coordination and proper implementation of the programme, the enabling act also provides for the establishment of the following institutions/bodies:
The National Council on Privatisation (NCP), which is chaired by Osinbajo, is the apex body charged with the overall responsibility of formulating and approving policies on Privatisation and Commercialisation. It is equally the approving authority for all the actions and activities of the Bureau.
BPE is the Federal Government agency charged with economic reforms especially the privatisation and commercialisation of government-owned enterprises in the country. It also serves as the secretariat of the NCP.
In the last four years, BPE has witnessed a notable invigoration in its activities, Akande said.
