THE Senate recently stirred a new wave of controversy, when its ad hoc committee on privatisation and commercialisation of public enterprises from inception in 199 till date, upon the completion of its probe, released its 'damning' report recently.Citing infringements of Sections 1(3) and 5 (3) of the Public Enterprises (Privatisation and Commercialisation) Act 1999, the 'hallowed chambers' faulted the Bureau of Public Enterprises' (BPE) handling of the sale/commercialisation processes and noted that most of the enterprises were not being run efficiently. The Report also recommended drastic measures, including return of some of the privatised entities to government.But some owners of the privatised companies, during the week, disagreed with the Senate, noting that, despite infrastructure and other socio-economic challenges, they are making significant progress. The Guardian visited some of the companies scattered across the country for on-the-spot assessment and the findings were varied.The lawmakers, among other things, had specifically noted:' That the National Council on Privatisation (NCP) should rescind the sale of Jos Steel Rolling Mills, for non-performance and re-advertise the enterprise for sale' That the National Council on Privatisation (NCP) should rescind the Concession Agreements of Tin Can Island Port Terminal 'A' to Joseph Dam Port Services Limited, Koko Port to Greenleigh Nigeria Limited and Port Harcourt Terminal 'B' to BUA International Limited for non-performance and re-advertise the enterprises for sale' That BPE should source for funds through budgetary means to settle outstanding staff liabilities in ALSCON (2.7billion), Delta Steel Company (N5.2billion) and Federal Superphosphate Fertilizer Company (N73million).' That BPE should standardise protective clauses in Share Purchase and Concession Agreements in privatisation of public enterprises in the national interest.' That in the automobile sector; Federal Government should comply with the New Patronage Circular number SGF.OP/S.3/VIII/250 of April 12, 2011 and also, adopt National Automotive Council recommended tariff regime.' That the Share Purchase Agreement of Volkswagen Nigeria Limited now VON Automobile Nigeria Limited should be rescinded for non-performance as provided in the SPA and re-advertise for sale.' That the Economic and Financial Crimes Commission (EFCC) should immediately be drafted to investigate the economic crimes being perpetuated against the nation at VON Automobile Nigeria Limited premises in Lagos by Barbedos Ventures Limited (BVL).' That the taxes and import duties accruable to the Federal Government on all goods smuggled into the warehouses of VON Automobile Nigeria Limited should be computed and recovered by the Nigeria Customs Service (NCS) and Federal Inland Revenue Service (FIRS) respectively.' That the National Council on Privatisation (NCP) should rescind the sale of ALSCON to Dayson Holdings BV and re-advertise for sale.' That the National Council on Privatisation should rescind the sale of Delta Steel Company to Global Infrastructure Holdings Limited and Global Infrastructure Nigeria Limited and re-advertise for sale.' That the 469 plots sold to third parties/private individuals (or companies) at market rates and the 270 plots allocated as public relation/palliative measures to the communities/leaders in Delta Steel Company Township 1 Housing Estate should be rescinded and their monies returned back to them by BPE.' That the Federal Government should implement the Inter-ministerial Technical Audit Report on Ajaokuta Steel Complex dated July 2011, which recommended completion and commissioning of the plant by the federal government.' That the federal government should re-inject funds to restart Nigeria Iron Ore Mining Corporation (NIOMCO), Itakpe, to enable it produce the needed raw materials for the country's steel plants.' That NCP should rescind the sale of Daily Times of Nigeria Plc to Folio Communication Limited in keeping with the Court Judgments in suit Nos. FHC/L/CP/1328/2009, FHC/L/CP/344/10 and FHC/L/CP/130/2010, which states that Folio Communications Limited, the 3rd respondent herein did not pay for the 140,252,900 shares that is 56percnt shares allotted to it in DTN Plc.That 140,252,900 shares allotted to Folio Communications Ltd have reverted back to DTN PLC.' That DTN PLC paid for 140,252,900 shares that is 56percent of its own shares, that Folio Communication Limited is no longer a shareholder of Daily Times of Nigeria Plc and that the current issued shares in DTN have been reduced to 93,501,936 Ordinary Shares held by DSV Ltd and 9,600 Ordinary Shares held by various shareholders' That the use of the proceeds from the sale and mortgage of DTN properties for the purchase of shares of DTN Plc is oppressive against the Petitioner and other minority shareholders in DTN Plc and a breach of fiduciary relationship;' That the debt due to Afribank Nigeria Plc in the sum of N575,696,793.61, the subject of winding up proceedings in Suit No FHC/L/CP/10112/09 is capable of being settled by the sale of the reverted shares of DTN Plc without winding up Daily Times of Nigeria Plc;' That the sales of assets of Daily Times Nigeria Plc by Folio Communications Limited and its Directors should be investigated by anti-graft agencies and the sold assets recovered' That NCP should rescind the sale of Bacita Sugar Company for non-performance and re-advertise the enterprise for sale.' That NCP should involve the National Sugar Development Council, the statutory agency responsible for local sugar development in the country in subsequent privatisation of sugar companies.' That Dr. Julius Bala should be investigated by anti-graft agencies for giving approval to Folio Communication Limited for the illegal sale of assets of Daily Times Nigeria Plc and that Director General, BPE, Ms Bolanle Onagoruwa be relieved of her appointment for gross incompetence in the management of the Bureau of Public Enterprises and for illegal and fraudulent sale of the five per cent of federal government of Nigeria's residual shares in Eleme Petrochemicals Company Limited (EPCL).HOWEVER, the management of some of the privatised companies, who spoke to The Guardian in different parts o the country painted a seemingly different picture of the situation on ground.
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