The Federal Government on Friday, formally approved the commencement of the privatisation of the nation’s four refineries by the Bureau of Public Enterprises (BPE) in furtherance of the economic reform programme of the present administration.
A statement by the privatisation agency confirmed that President Goodluck Jonathan had approved the take-off of the exercise in line with the government’s transformation agenda, which seeks to catalyse and provide an enabling environment for the private sector to be the drivers of economic growth in the country.
The affected refineries are Port Harcourt Refining Company Limited (PHRC) I, Port Harcourt Refining Company Limited (PHRC) II, Kaduna Refining & Petrochemical Company Limited (KRPC), and Warri Refining & Petrochemical Company Limited (WRPC).
The President also approved the constitution of a steering committee on the privatisation process that involves all relevant stakeholder ministries and agencies to facilitate the processes that would lead to private investors’ takeover of the multi-billion dollars national assets,
According to the BPE, a 13- member steering committee headed by the Minister of Petroleum Resources, Dezziani Alison-Madueke and the Coordinating Minister for the Economy and Finance, Dr Ngozi Okonjo-Iweala, as well as Ministers of Power, Labour, National Planning, Mines and Steel Development and Minister of Justice and Attorney General of the Federation as members.
Others members of the sub-committee are; Chairman of the extractive sub-committee of the NCP, special adviser to the vice president on economy, group managing director of NNPC; director general of BPE; group executive director (Refineries), NNPC; the managing directors of the refineries scheduled for privatization; and director (Oil and Gas), BPE. -
The Steering Committee’s Terms of Reference include, advising the National Council on Privatisation (NCP) on best way to privatise the refineries in a manner that would enhance the gains of the privatisation programme of the FGN, review the diagnostic reports and recommendations of the transaction advisors and make recommendations to the NCP.
In addition, the sub- committee will also propose modalities and make recommendations to NCP on labour matters to ensure the successful privatisation of the refineries, oversee the process and make recommendations to NCP for the successful privatisation of the refineries, and carry out any other ancillary activities relevant to the attainment of the goals of the Federal Government in the reforms and privatisation of the nation’s refineries.
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