TheCable

The federal government has inaugurated four committees to revive ailing private-public companies in the country. 

Ibeh Chidi, head, public communications, Bureau PublicEnterprises (BPE), said this in a statement 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.

Speaking at the inauguration, Alex Okoh, director-general, BPE, said the initiative aligned with the ease of doing business and the federal government’s Economic Recovery and Growth Plan (ERGP).

Okoh was represented by Ignatius Ayewoh, BPE director of agriculture and natural resources.

He said the inauguration was a culmination of the efforts by various stakeholders, which started in 2018, to revive non-performing privatised enterprises in the country.

He added that 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,” the statement reads.

“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.”

On his part, Toibudeen Oduniyi, director, post-transaction management, BPE, 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.