FG to realise $3bn from PHCN’s sale – BPE

Chigbo-Anichebe-360x225Over $3bn is expected from the sale of 17 successor companies carved out from the Power Holding Company of Nigeria, Director General of the Bureau of Public Enterprises, Mr. Benjamin Dikki, has said.

Dikki said this at an investors’ forum in New York, according to a statement made available to our correspondent by the Head of Public Communication at BPE, Mr. Chigbo Anichebe, in Abuja on Tuesday.

About $2.3bn has already been realised from the sale of 60 per cent equity in 14 of the successor companies, whose transactions have been concluded.

Dikki noted that the Nigerian government had been consistent in its policy to open up its economy and create the enabling environment for the private sector to thrive.

He said the reform initiatives that had so far been implemented by the government had worked and urged prospective investors to take an informed decision that upcoming reform initiatives would also work.

Dikki said the first in the long list of upcoming opportunities were in the telecommunications and the transport sectors, adding that the Nigeria Telecommunications Limited and its frequencies were still available for sale in a guided liquidation process that would begin soon.

He said in the transport sector, the Railway Bill, National Inland Waterways Bill, Ports and Harbour Bill and National Transport Commission Bill were ready and would soon be sent to the National Assembly for passage into law.

He stated that the reforms in the housing sector had equally reached advanced stages, adding that with over 18 million housing deficit in the country, the Federal Government had made the reforms in the sector a priority.

The BPE boss said in collaboration with key stakeholders, the privatisation agency was reviewing the policies, legal and regulatory framework to attract private sector investments to the sector.

Dikki told prospective investors that the next in the menu of opportunities was the Abuja Commodities and Stock Exchange.

He said, “We will harness the warehouses and silos all over the country and link them up to the trading platform for Warehouse Receipt Trading system. Once we make prices and buyers predictable, we have a mega boom in the making.”

He said the planned reform in the Development Finance Institutions would begin with the privatisation of the Bank of Industry and Bank of Agriculture.

He also stated that investors interested in the oil and gas sector would have the opportunity to buy into the nation’s refineries, which, according to him, would be available for privatisation when the Petroleum Industry Bill is passed into law.

 

Information from Punch was used in this report.

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