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House of Reps to investigate FG’s assets in privatized public enterprises

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The House of Representatives has resolved to constitute an ad-hod committee to investigate and determine the Federal Government’s assets in privatized public enterprises, and report back to the house within 8 weeks.

This followed a motion of urgent importance on privatized public enterprises sponsored by Hon Mukhtar Ahmed representing Kaduna South Federal Constituency, Kaduna State.

The House noted that the Federal Government of Nigeria embarked on privatization and commercialization of public enterprises to introduce private sector resources and discipline, create jobs, and reduce the burden of funding of the public enterprise on the national treasury.

They also noted that prior to and post privatization of some federal public enterprise, the Federal Government still shares in some of the some of the enterprises and are therefore entitled to dividends.

The lawmakers said they were aware that some of the assets, cash and residual shares in privatized public companies like NlCON Insurance, Nigerian Re-Insurance and Nicon Luxury Hotels are already taken over by AMCON over acquisition loans.

They expressed concern that the Federal Government may not be able to recover those monies, dividends and assets, as they pointed out that the government needs money to finance the budget.


The Nation

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