Reps Probe Activities Of BPE From 2019- 2023

By Oduyemi Odumade

The House of Representatives has mandated its Committee on Privatization and Commercialization to investigate the activities of the Bureau of Public Enterprises, BPE from 2019 to May 2023.

The Committee is to report back within four weeks for further legislative action.

These resolutions followed the adoption of a motion moved by Hassan Shehu Hussain from

In his lead debate the Lawmaker noted that the Federal Government commenced the Privatization and Commercialization of Public Enterprises in 2000.

He also noted that during the period under review, about 80 Public Enterprises were privatised through various modes of privatisation including core investors, concessions, assets sales, initial public offers (IPO), etc.

“The House is aware that BPE privatized in 2019, 29 percent of residues of the Federal Government’s shares in Geregu

Power Plant to core investors to upgrade it to a combined cycle for a total sum of N13,134,375,000.

The House is also aware that BPE without the investors fulfilling their obligations to upgrade the plant to a

combined cycle sold an additional 20 percent of the balance of shares meant for IPO to the Nigerian Public on the Nigerian Stock Exchange to the same investor in 2021.

“The House worried that the Geregu Power Plant may never be upgraded to a combined cycle by the investors since BPE has removed the Public Enterprises from Post Privatization Monitoring.

The House is also worried that the balance of N78 billion between Afam Power and Afam Three Fast Power remains outstanding though, the parties signed the Share Sale Purchase Agreement in 2020 and only 25 percent of the purchase consideration was paid.

It added there was also a 100 percent handover to investors on the condition that the balance will be paid upon commissioning of the Afam Three Fast Power which was equally done by former Vice President, Professor Yemi Osinbanjo before leaving office.

“The House was concerned that the Federal Ministry of Justice recently blocked the signing of the Zungeru Power Plant Concession Agreement, which would have generated $ 350 million US Dollars in concession fees on the ground that there was no express approval by the Federal Executive Council.

Edited By Grace Namiji