home

  Functions of the Bureau    

 
The functions of the Bureau are as provided for in sections 13-16 of the Privatisation Act:- 

(13)The functions of the Bureau with respect to privatisation are to:  implement the Council's policy on privatisation;

  • prepare public enterprises approved by the Council for privatisation;
  • advise the Council on further public enterprises that may be privatised,
  • advise the Council on the capital restructuring needs of the public enterprises to be privatised;
  • carry out all activities required for the successful issue of shares and sale of assets of the public enterprises to be privatised;
  • make recommendations to the Council on the appointment of consultants, advisers, investment bankers, issuing houses, stockbrokers, solicitors, trustees, accountants and other professionals required for the purposes of privatisation;
  • advise the Council on the allotment pattern for the sale of the shares of the public enterprises set out for privatisation;  
  • oversee the actual sate of shares of the public enterprises to be privatised, by the issuing houses, in accordance with the guidelines approved, from time to time, by the Council:  
  • ensure the success of the privatisation exercise taking into account the need for balance and meaningful participation by Nigerian; and foreigners in accordance with the relevant laws of Nigerian; and perform such functions with respect to privatisation as the Council may, from time to time, assign to it.  

    (14) The functions of the Bureau in respect of Commercialisation: 

    1. implement the Council's policy on commercialisation;
    2. prepare public enterprises approved by Council for commercialisation;
    3. advise the Council on further public enterprises that may be comrnercialised;
    4. ensure the updating of the accounts of all commercialised enterprises to ensure financial discipline;
    5. ensure the success of the commercialisation exercise and monitor, on a continuous basis for such period as may be considered necessary, for the operations of the public enterprises after commercialisation; '
    6. review the objectives for which public enterprises were established in order to ensure that they adapt to the changing needs of the economy;  
    7. ensure that public enterprises are managed in accordance with sound commercial principles prudent financial practices;  
    8. interface with the public enterprises, together with the supervising \ Ministries, in order to ensure effective monitoring and safeguard of the public enterprises managerial autonomy; 
    9. ensure that the Board and Management of each commercialised enterprise and the Government of the Federation, keep to the terms and conditions of the Performance Agreements, if any, between the public enterprise concerned and the Government of the Federation; 
    10. maintain and review on a continuous basis, any Performance Agreement between a public enterprise and the Government of the Federation; 
    11. evaluate and recommend to the Council whether or not a public enterprise is eligible for funding through grants, loans, subventions or equity; and 
    12. perform such functions with respect to commercialisation as the Council may, from time to time, assign to it.
     

    (15) The Bureau shall: 

    1. provide secretariat support to the Council; and 
    2. carry out such other duties and responsibilities as may be assigned to it from time to time by the Council.
     

    (16) The Bureau shall, subject to the overall supervision of the Council, have power to: 

    1. acquire, hold and manage movable and immovable property; 
    2. enter into contracts or partnerships with any company, firm or person which in its opinion will facilitate the discharge of its functions; 
    3. request for and obtain from any public enterprise statistical and other information including reports, memoranda and audited accounts and other information relevant to its functions under this Act; and