Federal Government has resolved to concession its stadia across the country, the National Art Theater and Tafawa Balewa Square (TBS) in 2021.
The stadia owned by federal government include National Stadium Lagos, Abuja stadium, Jos International Stadium and Adokiye Amiesimaka stadium, Port Harcourt.
The government also said that it would commercialise all the River Basin Development Authorities (RBDAs) and sell off Nigeria Integrated Power Projects (NIPP), Omotosho, Geregu and Calabar to core investors.
These plans are contained in the details of the 2021 budget of Bureau of Public Enterprises (BPE) submitted to the Senate Committee on Privatization and Commercialization on Thursday.
Meanwhile, the committee has queried the Director General of Bureau of Public Enterprises (BPE), Alex Okoh, over collection of N1 billion from Ministry of Finance to finance Afam and Geregu power plants without appropriation.
The committee also demanded investigation into sale of Afam and Geregu Power plants to ensure that the country was not short changed in the transaction.
Speaking on behalf of the committee, Senator Theodore Orji said, “We also found that in Geregu Power Plant, the Core investor already owned 51% shares and that the transaction emanated from a request by the investor for additional 29% of FGN residual 49% shares.
“There was no competition and only BPE and their appointed transaction advisers know how the value was determined and sold for N13 billion.
“Afam Power Plant; it was mentioned that there are actually two different Power Plants i.e Afam Power Plant and Afam fast power (a brand new plant) built by Siemen yet to be commissioned. Reports have it that it cost about $1million to build a megawatt of power plant.
“There is need to investigate these transactions properly to ensure that Nigeria are not short change in the transactions.”
The committee also expressed concerns with the recent exit of Transcorp Hilton from post privatization Monitoring by NCP on the recommendation of BPE.
“Knowing fully well that even though BPE was on the board because we had 49%, today our shares have been diluted to 11% failing to take up the shares when right issue was done even though the core investor failed to complied with and implement its covenants with Post Acquisition Plan (PA) and development Plan within 5 years.
Orji demanded all copies of the agreements, correspondences, minutes of meetings; reports and NCP approvals to enable the committee review them before taking any action.
Responding, the DG said that over 262 government enterprises had been sold for the past 30 years.
He added that only 25 percent of the enterprises were not performing as of present, promising to submit the monitoring and assessment of the privatized companies to the committee.
