She said that privatisation was always being done in a hurry, adding that “is not the best’’.
“I wish to say that the way privatisations exercises are being carried out in Nigeria do not always follow due process.
“We do not follow legal framework for privatisation in Nigeria, we are always putting the cat before the horse.
“There is no law enabling us to privatise, except the
National Council for Privatisation and Bureau for Public Enterprises Act, which are not legal instrument for privatisation.
“At this juncture, I wish to recommend that we need to have a legal framework for privatisation.
“This legal framework will have all the legal provisions to protect and provide those conditions that a company needs to meet before privatisations,’’ Dura said.
She identified capacity to deliver as one of the key conditions for privatisation, adding that this had proven not to be useful in the country.
“Most groups or companies that had bought over the nations’ companies, has no capacity for delivery and this is greatly affecting the country.
“I therefore called on the government to revisit the whole privatisation exercise.
“Where anyone was found not to have met or carried out the conditions, the whole exercise should be re-investigated,’’ Dura said.
Ibrahim cited the privatisation of the NICON Insurance as an example, saying that the process was faulty.
“If you put all these assets together, you will see that it is hundred times the price which NICON was sold to Mr Jimoh Ibrahim,’’ she said.
Ibrahim said in privatising any company, there was need to look at its assets and liabilities.
“ NICON insurance that used to be the toast of the country, go there today, it is as good as dead,’’ she added. (NAN)