November 28, 2022

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FG inaugurates TWGs to resuscitate ailing enterprises


The federal authorities has inaugurated 4 Technical Working (TWGs) Teams to evaluation and implement a strategic roadmap for the resuscitation of ailing enterprises within the nation.

They’re for the Car, Housing (Bricks and Clay), Mines and Metal in addition to Oil Palm sectors.

Inaugurating the TWGs on behalf of the federal authorities in Abuja on Friday, September 2, 2022, Director-Common of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh mentioned the initiative is in consonance with the convenience of doing enterprise in Nigeria and consistent with the Federal Authorities’s Financial Restoration and Development (ERGP).

Okoh who was represented by the Director of Agriculture and Pure Assets on the Bureau, Mr. Ignatius O. Ayewoh, famous that the occasion is a fruits of the efforts by varied stakeholders which began in 2018 to revive non-performing privatised Enterprises within the nation.

He mentioned that BPE in discharging its supervisory duties on privatised enterprises via the instrumentality of result-based monitoring and analysis (RBME) found that, about 16% of the privatised firms have been non -performing therefore the results of the discovering was submitted to the Nationwide Council on Privatisation (NCP) in 2018 and to the Senate Committee on Privatisation in 2020, resulting in a gathering of the related stakeholders within the ailing enterprises held in July, 2018.

The Phrases of Reference (TORs) for the Working Teams are:

Conduct diagnostic examine on the Enterprises with a view to determine their present standing (operational and monetary positions) and circumstances when it comes to possession, share construction and capability utilisation;

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Put together a Enterprise Plan that meets the present sectoral necessities, Look at the challenges within the sectors, Develop a complete 5-year, (2023 – 2027), Turnaround Program for every of the non-performing enterprises, Overview and advise the Federal Authorities on the processes and implementation Turnaround Program, Decide the potential and financial viability of the sectors. Amongst others.

Additionally talking on the occasion, Director, Submit-Transaction Administration on the BPE, Mr. Toibudeen Oduniyi, urged the members to contribute their wealth of expertise and experience for the actualisation of the much-desired revitalisation of the non-performing Enterprises for the financial progress of the nation.