The privitisation exercise of the Federal Government came under scrutiny at the ongoing national conference in Abuja on Thursday with a verdict by some of the delegates that the exercise lacked transparency.
The delegates who also queried the legal backing for the exercise, spoke during the debate on the report of the Committee in Economy, Trade and Investment.
They were of the opinion that the exercise, especially those carried out during the regime of former President Olusegun Obasanjo, were hurriedly carried out.
A peep into the committee’s report indicated that it recommends that “privatisation of existing refineries for greater efficiency and accountability and the proceeds of all privatization exercise should be reinvested in identifiable and sustainable infrastructural projects.”
Dr. Magdalene Dura, a delegate from Benue state, who said that there were no appropriate laws for privatization in Nigeria, added that “we do not have the legal framework for privatisation in Nigeria, we are always putting the cart before the horse, there is no enabling law to allow us to privatise, what was used was the national council of privatisation and some aspects of the Bureau for public enterprise Act.
“We need to have a legal framework, for privatisation which would have all the legal provisions to protect and provide all the conditions that a company needs to meet before privatisation.
“One of the key conditions is the capacity to deliver. And that has been proven not to carry out by groups or companies that have bought over our holdings.
“In this wise, we need to call on the government to review the entire privatisation exercise and where any group is seen not to have met the conditions for privatisation then the whole exercise be revisited and reinvestigated,” she said.
In interraction with Journalist, Terseer Tsumba a delegate on the platform of former Speakers Forum, the real intention of government privatizing their holdings has being defeated as the buyers of these companies or government holdings have rather ruined the companies.