10 Functions of Bureau of Public Enterprises brings to you the functions of this agency while outlining its strides aimed at delivering on its mandate.
The Functions of the Bureau of Public Enterprise includes:
1. Implementation of the Nigerian policy on privatization and commercialization
It is the duty of the bureau of public enterprises to look into the timely implementation of policies aimed at ensuring a smooth running of privatization and commercialization in Nigeria.
2. Account management for all commercialized enterprises
In a bid to ensure financial discipline in transactions, the bureau of public enterprises manages accounts for all commercialized enterprises.
It gives a prompt update of enterprises and ensures a smooth running of public enterprise-related transactions.
3. Approval of candidates for appointments in the public enterprises’ sector
The agency plays the role of vetting people meant for appointment ad Consultants, advisers, investment bankers, issuing houses stockbrokers, trustees, solicitors, accountants, and other professionals needed for the purpose of either privatization or commercialization. This is done to ensure that only the best are given such opportunities so as to ensure high-quality service delivery.
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4. It ensures terms and conditions with respect to practice are being kept and adhered to by the Board and Management of each commercialized enterprise and the Government of the Federation.
5. It strives to promote balanced regional development in Nigeria by giving a helping hand to industries in every part of the country
This is done to adequately develop the industries and the region in general.
6. It supervises the actual sales of shares of the public enterprises to be privatized, in line with the guidelines approved, from time to time, by the NCP.
This goes a long way to ensure that codes of practice are strictly adhered to and thus, ensuring high-quality service delivery.
7. It is also the duty of the bureau of public enterprises to evaluate and recommend to the NCP whether or not a public enterprise is eligible for funding through grants, loans, subventions, or equity.
This is done by a thorough inspection of such an enterprise to ascertain its eligibility for such demand.
8. The bureau of public enterprises advises the NCP on the assignment and designation of patterns for the sale of the shares of the public enterprises set out for privatization. This is done to ensure equity.
9. The agency also performs the duty of an interface with the public enterprises, together with the supervising Ministries, in order to ensure effective monitoring and safeguarding of the public enterprise’s managerial autonomy.
10. It also provides secretarial support to the NCP. The assistance is done to ensure that there is a balance in the execution of duties.
The Bureau of Public Enterprises has over the years played a great role in ensuring a smooth sail in the public enterprises business. Its strides aimed at mandate delivery are commendable and worth emulating.