24 December 2013, Abuja – Pending when a 14-man steering committee set up by the federal government to recommend the eventual transaction structure and timetable for the planned privatisation of Nigeria’s four national refineries convene for deliberation, the Bureau of Public Enterprises (BPE) has given an inkling of the direction that the proposed transaction will take.
The BPE in a statement issued recently in Abuja to announce the federal government’s approval of the privatisation plan stated that transactions in the process will have to leverage on the successes recorded with the concluded privatisation of successor generation and distribution companies created from the unbundling of defunct Power Holding Company of Nigeria (PHCN) in the ongoing power sector reform programme.
Director General of BPE, Benjamin Dikki said the transactional processes to be adopted in the refineries privatisation would be subjected to utmost transparency but with an expectation that it will far above what obtained in the PHCN privatisation.
“The directives we have is to conduct the privatisation process transparently, complying with due process and international best practice. We are expected to improve on the high standards set in the power sector transaction, which has received accolades all over the world as being very transparent,” Dikki said.
– This Day