Panafrican News Agency

Jonathan says privatized public companies performing below expectation

Abuja, Nigeria (PANA) - Deeply worried by the state of privatised public companies, Nigeria's President Goodluck Jonathan on Friday directed the Bureau of Public Enterprises that from hence, all privatisation decisions must be based on competence, capability and capacity to deliver.

"No other considerations must be admitted, no politics, no influences," Presidential Spokesman Ima Niboro, quoted Jonathan as saying.

According to Niboro, "Jonathan is disturbed that considerations other than competence and capacity were part of the final investment decisions taken in the sale of the companies.

"The President is going to be strict and is going to monitor it directly, to ensure that only those issues of competence, capacity and capability will guide investment decisions in the final decision of privatisation in this country from now."

Niboro asserted "Privatization is a laudable initiative and the President wants us to continue along that line. That is the way for the future and that is the way to grow the Nigerian economy.

"He is understandably disturbed by certain development because many of the privatised companies are not doing well. In fact many of them don't seem to have fared better in private hands than they did in government hands. Apart from one or two, maybe the Eleme Petrochemicals, beyond those ones, they have not done very well.

"This is not to say this has not been done in the past but the question is if the right companies have bought these organisations why are they not doing well, why are they not faring better than they did in government hands, that is the issue and the President has taken a very firm stand on that."
-0- PANA MON/BOS 20May2011