Business Briefs
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THE ongoing privatisation process of the National Integrated Power Project, NIPP, has received support from the federal government. Vice President Mohammed Namadi Sambo, said the NIPP privatisation process would witness the same level of transparency like that of the Power Holding Company of Nigeria, PHCN. He acknowledged that the privatisation of the PHCN companies was one of the most open and transparent privatisation transaction processes in the country.
Sambo said that all the three tiers of government and the private sector in Nigeria are collaborating in the privatisation process of the 10NIPP power plants being jointly offered for sale by the Bureau of Public Enterprises, BPE, and Niger Delta Power Holding Company, NDPHC, to ensure that the same level of transparency is replicated. The vice-president who was represented by Gabriel Suswan, governor of Benue State, made the statement at an investment forum in New York on June 26, 2013 with prospective investors interested in the purchase of 80 percent equity in the 10 National Integrated Power Project, NIPP, power plants.
He pointed out that the PHCN transaction, was a highly transparent process and that the government had assured investors that the same level of transparency would be replicated. He noted that if Nigeria was going to be among the 20 largest economies in the world by the year 2020, the right steps must be taken, assuring that the administration of President Goodluck Jonathan was committed to ensuring that the right steps were taken in implementing the transformation agenda.
Sambo said that the privatisation of the 10 NIPP power plants would be the first time the private sector, the National Assembly, the federal, state and local governments are joining forces to ensure an all-inclusive transaction process. The vice-president, however, noted that in order to stimulate global interest in the project, all the relevant stakeholders in the sector were in New York to interact with prospective investors and address their questions and concerns.
Police Reform Cost Review
THE National Economic Council, NEC, on June 27, approved the downward review of the overall cost estimate of the Nigeria Police Reform Programme from N2.8tn to N1.5 trillion. This was one of the outcomes of the monthly NEC meeting held at the Presidential Villa, Abuja.
Peter Obi, Anambra State governor and chairman of the Nigeria Police Reform Interim Implementation Committee, said the decision to reduce the estimate was taken after he presented a memorandum on the funding of the programme to the council. He said the council also approved the extension of the reform period from five to six years to ensure government’s commitment to the transformation of the police for effective security service delivery.
“The memo also recommended a joint funding of the revised cost of N1.5 trillion with 60 percent coming from the three tiers of government, while the organised private sector and international development partners are to contribute 40 percent. The council welcomed the proposals and also threw its weight behind the recommendations for a statutory funding of the police reform programme in line with the provisions of the constitution. It also agreed to provide extra funding for the police and agreed for a deduction of one percent first line charge during revenue allocation. Funds deducted will be used exclusively in the state,” he said.
On crude oil theft, Murtala Nyako, Adamawa State governor, said the council has stressed the need for enhanced collaboration among the affected states, security agencies and the federal government to address all administrative hurdles towards combating the menace. He said the council has set up a committee to assess the challenge and draw up a roadmap to guide further actions that would be taken by NEC towards finding a lasting solution to the problem.
Members of the committee were, Emmanuel Uduaghan, Delta State governor, Seriake Dickson, Bayelsa State governor, Chibuike Amaechi, Rivers State governor, Liyel Imoke, Cross River State governor, Godswill Akpabio, Akwa Ibom State governor, Adams Oshiomhole, Edo State governor and Olusegun Mimiko, Ondo State governor. Others are: Ngozi Okonjo-Iweala, minister of finance, Shamsudeen Usman, minister of national planning and Diezani Alison-Madueke, minster of petroleum resources.
Compiled by Anayo Ezugwu
— Jul. 8, 2013 @ 01:00 GMT
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