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Tag: Public Assets

  • Reps move to recover all looted public assets

    Reps move to recover all looted public assets

    The House of Representatives Committee on Public Assets, has pledged to work toward recovering all Federal Government’s assets that were looted from individuals and groups.

    Mr Ademorin Kuye, the Chairman of the Committee said this at a retreat for members of the committee on Tuesday in Abuja.

    Kuye said that an assets register would also be established to document and track government assets, adding that the measure was imperative because over the years Nigeria had not really tracked what it owned.

    He said that inadequate records had led to significant financial losses and a gap in the  national accounting in the country.

    “We have the support of the president, the leadership of the National Assembly to do our work without fear or favour and I want to assure Nigerians that every public assets that belongs to them will be recovered.

    “We will make sure that those in charge of concessions work and act according to the concession agreement.

    “The committee is set to ensuring that there is transparency and accountability in the management and disposal of public assets going forward.

    “When we talk of public assets, we are not talking about physical assets alone, we are talking of tangible, intangible, even investments of federal government in concessions in privatisation and all of that,’’he said.

    Kuye said that a lot of things had gone under the bridge, saying it was a new beginning because this was the first time that the National Assembly would have this kind of committee because of the corruption noticed in the management and disposal of public assets.

    He said that the committee would act in accordance with the provision of the Constitution to investigate wastages block wastages and ensure transparency and accountability.

    “Nigeria has been under estimated because when you talk about the GDP of a country, it doesn’t mean what they have alone in terms of tangible assets; in fact, what we have as assets in this country have not been properly valued.

    “On the website of the Ministry of Finance Incorporated(MOFI), they have it that the assets of federal government is about 18 billion dollars,but that is not true it is  actually more than that.

    “From my own estimates, it is over 100 billion dollars in terms of assets ,so when we put all of these on record,when we have a proper asset  register  and harmonisation of the laws with  effective legislative backing  for  MOFI .

    “Then they can efficiently perform their responsibilities   and this will actually help the country,” he said.

    Kuye said that the last operating law for MOFI was the 1959 Act which had some gaps, saying however, the act was being worked upon at the National Assembly.

    He said the new Act would harmonise all the laws and address things that had been responsible for the mismanagement of public asserts.

    He said the committee would reshape the approach to the guardianship of the nation’s assets.

    He said that the endeavour would lead to the untapped potential lying dormant within Nigeria’s underused assets.

    “We will also engage in rigorous oversight of the MDAs in charge of public assets. The scope of our oversight also stretches beyond our borders, keeping a vigilant eye on international investments.

    “These investments must be managed to yield optimal returns, contributing significantly to our national financial health,’’ he said

    Dr Armstrong Takang, the Managing Director, Ministry of Finance Incorporated(MOFI), said that MOFI’s new mandate was to act as the custodian and manager the Federal Government’s assets.

    Takang, represented by Ms Oluwakemi Babalogbon, the Executive Director, MOFI, said that the organisation was working on establishing assets register for Nigeria.

    “We have some challenges with the current legislative framework; even though several frameworks exist, but what we find is that several laws have been created for different agencies which responsibilities to manage public assets at different levels.

    “However, the only legislation that attempts to create a central agency with a mandate to manage all federal government of Nigeria assets is the Ministry of Finance of incorporated acts.

    “We have a lack of central inventory of public assets and a central database of all public assets ,the  proposed national assets register would solve this problem.’’

  • Knocks as Seyi Tinubu flies Presidential jet to attend social event in Kano

    Knocks as Seyi Tinubu flies Presidential jet to attend social event in Kano

    The controversial use of a presidential jet for non-official and personal purposes by Seyi Tinubu, the son of President Bola Tinubu, has stirred outrage and condemnation.

    On Sunday, Seyi Tinubu was flown to Kano in a presidential jet to attend the finals of the Kano International Polo Tournament, an event he attended as a polo enthusiast and patron of a Lagos-based polo team.

    Reports confirm the presidential jet landed in Kano on Sunday, where Seyi Tinubu was welcomed by officials of the presidency, Kano State government, and the Kano Polo Club.

    He was then transported under heavy security to the Usman Dantata Polo Ground for the tournament’s final matches.

    Once the event concluded, the presidential jet ferried him and his associates back to Abuja, the nation’s capital where he resides.

    Even before this incident, Seyi Tinubu had been known for frequent use of the presidential jet for personal travels, either accompanied by his father or associates.

    Nigerians have raised concerns about the misuse of government resources and have called for the responsible use of national assets and stricter adherence to ethical conduct by public figures.

    Jaafar Jaafar, a Nigerian journalist based in London, expressed his discontent on X (formerly Twitter).

    Jaafar wrote: “Here’s Tinubu’s golden child, Seyi, travelling in a presidential jet to watch polo in Kano… Even if our laws are vague on this, one thing is clear: this is an offence to the moral code of leadership.”

    Another X user, Bello Anka, added, “What about the misuse of a special forces unit as his bodyguards? See them in the pictures. The other day, he was skateboarding in Abuja with them running alongside. This perpetuates the culture of impunity from the previous government, possibly on an even larger scale this time.”

    However, the controversy surrounding the misuse of the presidential jet is not new, as it has been previously criticised during the tenure of former President Muhammadu Buhari, when his youngest daughter Hanan, used the presidential jet for a private trip.

    Reacting to the incident, Senior Advocate of Nigeria, Femi Falana, pointed that “the official policy does not authorise the children of the President to use the presidential jets to attend to private social functions”.

    Falana reiterated, “Using of the aircraft in the presidential fleet by members of the first family to attend to private engagements is not backed by any extant law or official policy”.

  • Despite public outcry, Reps pass Bill empowering BPE to control all public assets in Nigeria

    Despite public outcry, Reps pass Bill empowering BPE to control all public assets in Nigeria

    …report laid and hurriedly considered within 24hrs
    …a Bill roundly condemned by NLC, CSOs, Nigerians at hearing
    …more Nigerians to join the already 40m unemployed
    … presidency allegedly fingered
    By Emman Ovuakporie
    Despite massive opposition by the public, House of Representatives on Tuesday passed into third reading a Bill empowering the Bureau for Public Enterprises, BPE to control all public assets in Nigeria that was roundly condemned at its public hearing by critical stakeholders.
    The Bill if finally passed and approved by President Muhammadu Buhari will empower BPE to have total control over all public assets including the National Assembly and others.
    The re-enactment Bill entitled: ‘ A Bill for an Act to Repeal the Public Enterprises Privatization and Commercialization 1999 Act Cap P38 LFN 2004 And Enact the Public Assets Reform Bill 2021 For Improved Efficiency and Management of Public Assets in Nigeria and For Related Matters’ was condemned by the Nigeria Labour Congress, NLC, lawyers, Civil Society Organisations, Ministry of Works and other critical stakeholders describing it as a retrogressive move by lawmakers.
    The House without allegedly forming a quorum adopted the committee’s report on the Bill last Thursday drawing the flaks of some lawmakers who feel the Bill would in no way favour Nigerians.
    If finally re-enacted and passed into law many other regulatory bodies will be swallowed by BPE.
    Another contentious issue is how the report was laid last week Wednesday and considered within 24hours and lawmakers were not placed on notice.
    A credible source who spoke under the condition of anonymity said” the critical stakeholders roundly condemned the Bill as it has no merits as the Bill in no way favour Nigerians.
    “Who is the Bill for if it’s not in favour of Nigeria because we heard that the presidency has vested interest in the Bill that would entrust all public assets into the care of BPE.
    “At the Public Hearing last October, lawyers, Minister of Works, NLC president, other critical stakeholders heavily condemned the Bill primarily designed to favour presidency and a few Nigerians.
    “The presidency is said to be involved and is it good to amend an Act that will only promote their selfish interests and that of a few members of the House committee.
    “BPE to handle all public assets to the benefits of a few when ICPC confirmed at the hearing that N18bn was traced to the private account of a staff to now control all public assets in Nigeria.
    Read some reactions from the public hearing:
    Hear them:
    NLC President, Ayuba Wabba at the hearing said privatisation has led to loss of jobs.

    “As I speak, all privatisation processes have led to job loss. The terminal benefits of the workers have not been paid. I have thousands of the power sector workers whose benefits have not been paid. They said investors are coming from other climes to invest in our power sector. What happened is that they went to the banks where we saved our money, withdrew the money and bought those assets and added no value. We don’t support the idea that privatisation is the only way and we will not support it. We agreed that there are things we can do.

    They will not privatise moribund assets, they look at the viable ones. The issue of NITEL, what they did was assets striping, including the Power holding. The assets were first stripped and sold and no value has been added. Check the steel rolling mills which were privatised. The first thing they did was shut down the place and sell off the assets. I don’t think we should continue in this light. We must be able to say no.

    “We should not come and sell the idea here that privatisation has worked. If it has worked, why are the poverty capital of the world.

    “Mr President is against the privatisation of some key facilities. When some of those policy documents were smuggled in and we raised the issue, he said no, he said he was not going to privatised health and education because it is a legacy he wants to leave for the children of the poor. So let us do the right thing. We have privatised power and yet, I still buy my transformer and no value has been added”.

    He recalled that Nigerians were also exploited during the coming of GSM in Nigeria.

    He said: “When this concept of having privatisation as the only way to enhance our economic development came up, we have always said that is not correct. From the beginning, we have engaged governments from Obasanjo to the current government. That was why Obasanjo said NLC should be a member of the Council. But for obvious reasons, NLC was alleniated. President Buhari also insisted that NLC should be part of the Council, but for NLC was substituted.

    “If by now, we have privatised 234 Enterprises in Nigeria and we say that it is aimed at creating wealth and address the issue of poverty, yet we are the poverty capital of the world, then something is wrong with that policy. So, let us not come here and auger coat. Let us say it the way it is.

    “The idea that GSM was privatised is wrong. Let us correct the narrative. There was a GSM revolution around the world and we keyed into it by killing NITEL. If you go to Britain now, you can still make calls using landline. In the process of bringing in that GSM, Nigerians were exploited. When GSM came into Nigeria, if you compare with other countries, we were exploited. That was not a process of privatisation. It was a process of allowing people come and invest in our economy.

    “On the issue of ports, let me make the point that the same people anchoring privatisation were the same people who bought the ports. It was a process of taking our common wealth and handing them to few against the spirit and letters of the constitution especially section 16. So, it is wrong to say that the state has not business in business”, he said

    The Minister of Works, Babatunde Fashola also towed Wabba’s line of argument as other critical stakeholders were in sync with both key contributors at the hearing.

    Fashola condemned the outright privatisation of the government outfit as those privatized so far are not working.

    Amendment of BPE Act Not To Usurp Regulatory Powers, Says Okoh

    Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh has allayed fears of perceived usurpation of regulatory powers by the Bureau in the concession of public assets in the country.

    Okoh who made this known in Abuja on Monday, October 25, 2021, at a public hearing organised by the House of Representatives Committee on Privatisation and Commercialisation of Government Assets against the backdrop of fears expressed by the Infrastructure Concession Regulatory Commission(ICRC) that the proposed amendment of the BPE Privatisation and Commercialisation Act 2004 to establish the Public Asset Reform Bill 2021was aimed at giving the BPE regulatory powers and whittling down the powers of the ICRC, emphatically said that the proposed Bill is only to improve efficiency and management of public assets in Nigeria.

    The Director General maintained that the Bureau has never interfered in the regulatory powers of other sister agencies like the Nigerian Electricity Regulatory Commission(NERC),National Communications Commission (NCC) and Pension Commission of Nigeria(PENCOM); and will not interfere in the regulatory functions of ICRC but collaborate with all regulatory agencies in the country in the discharge of its mandate.

    Okoh stated that the footprints of the BPE’s reform activities were indelible on the Nigerian Economy, generating about N1 Trillion in the process and creating significant savings which otherwise would have been expended as subventions to subsidise sub optimal government enterprises.

    He expressed the urgent need to pass the proposed Public Assets Reform Bill 2021to help unlock the much needed investments from the Private sector capable of bridging the infrastructure need of the country, stimulate economic growth, reduce the escalating debt burden and providing employment opportunities for unemployed Nigerian youth.

    The BPE boss maintained that the Bill primarily seeks to: repeal the Public Enterprises (Privatisation and Commercialisation) Act which has become obsolete with passage of time; Create a legislative instrument for the optimisation of stranded Assets of Government to unlock liquidity that will boost the dwindling revenues of the Federal Government; Creation of a National Assets Register which may be published annually to address the current infrastructure deficit in the county as well as enhance the capacity of the Bureau and the relevant committees of the National Assembly to carry out statutory legislative responsibilities of overseeing all assets of the nation.

     

  • BPE Begs FG to Sell Public Assets to Clear N2.28trn Budget Deficit

    BPE Begs FG to Sell Public Assets to Clear N2.28trn Budget Deficit

    In order to fund the proposed N10.33 trillion 2020 budget, the Bureau of Public Enterprises (BPE) has called on the federal government to privatize government owned enterprises to settle the N2.28 trillion budget deficit.

    This stance was made known by the Director-General of the BPE, Mr Alex Okoh, at an interactive forum with the Senate Committee on Privatisation at the National Assembly and was contained in an official statement released over the weekend.

    He called for the sale of the federal government assets which were not bringing in revenues for the government but were becoming liabilities as these state-owned enterprises were placing undue pressure on the lean public purse by way of subventions.

    He said that it wasn’t rational to constantly fund budget deficit year in, year out with local and foreign borrowing when there are abundance of national assets that could be sold to fund the federal government’s fiscal programmes.

    “It is not good to keep borrowing on a yearly basis to finance budget deficit when a lot of very valuable national assets are lying fallow and moribund.

    “Proceeds from outright privatisation or concession of the moribund assets should serve as veritable sources in funding the budget since the assets are more or less becoming national liabilities,” he was quoted to have informed the Senate as saying.

    He noted that the BPE had contributed N135 billion out of the N220 billion that it was expected to generate for the 2019 fiscal budget. This is more than 60 percent of the expected sum.

    Mr Okoh explained that the N135 billion so far been generated by the bureau was realised through the sale of the Afam Electricity Generation Company (Afam Power Plc and Afam Three Fast Power Limited) and the re-privatisation of the Yola Electricity Distribution Company.

    He also said that the sale of 29 percent of the Federal Government’s shares in the Geregu Power plant contributed to the sum.

    Mr Okoh called on the National Assembly to critically look at the funding framework for the agency, but expressed optimism that the agency would meet its target for the 2020 fiscal budget.

    He disclosed that out of the N2 billion allocated to the agency yearly from the national purse for its operations, N1.5 billion is for staff emoluments through the Integrated Payroll and Personnel Information System (IPPIS).

    “Of the N500 million that is supposed to come to the Bureau for overheads and capital expenditure, cent of the amount is eventually released to the Bureau against what is obtained in other revenue generating agencies of the federal government.”

    He, however, expressed optimism that the bureau would meet its target for the 2020 fiscal budget.