The Chairman of the Independent Corrupt Practices and Other related Offences Commission (ICPC), Ekpo Nta has pledged the Commission’s desire to collaborate with the Bureau of Public Enterprises (BPE) to protect privatized enterprises in the country from asset- stripping by the new owners.
Speaking against the backdrop of reported cases of asset-stripping by owners of privatised enterprises in the country, the ICPC boss commended the initiative by the BPE to partner with the Commission and assured that apart from getting involved as observers in the transaction processes of the Bureau, ”ICPC will also collaborate in the post-privatisation activities since some of the investors after takeover often engage in assets- stripping thus, negating the essence of privatization”.
Nta who made this known when the management of the BPE led by its Acting Director General, Dr. Vincent Onome Akpotaire paid a courtesy visit to the Commission said ICPC was interested in strengthening public institutions to ensure that public funds do not enrich individuals.
The Chairman urged the BPE to constantly monitor privatized enterprises to achieve the objectives of privatization for the benefit of the citizenry.
He expressed optimism that the synergy which the Bureau seeks with the Commission would bring about the desired results especially in the areas of investigation and intelligence gathering.
According to him, the Commission had the expertise to carry out due diligence and background checks on prospective investors which are major ingredients for foolproof transactions by the Bureau.
He listed the gains of privatization which include; preventing the use of public wealth for private gains, a veritable tool for the fight against corruption and efficiency in service delivery.
He recalled that privatization was actually mooted in the 1970s with the nationalization policy in the days of Shell BP and Barclays Bank and that “privatization was not initially an economic policy, but an attempt to assert Nigeria’s independence”.
Earlier, Dr. Akpotaire had disclosed that the Bureau was poised to step up its privatisation processes in line with international best practices.
Akpotaire called for increased synergy between both agencies to ensure an all encompassing upgrade of the transaction process.
According to him “ICPC is an integral partner in the Bureau’s transactions and its input will be beneficial to the upgrade initiative and the national economic objective in its entirety”.
He said transparency and integrity would remain key in the Bureau’s existing transaction processes and the proposed upgrade especially against the backdrop of “the growing trends of white collar crimes across the globe which makes it necessary to close the gaps and help the Commission to be familiar with our processes”.
The Acting DG added that “resources are better utilized when such crimes are averted at the early stages of any transaction process”.
The BPE acting helmsman sought more intimate liaison between the two agencies as they both had a common goal to ensure transparent financial transaction process.
He assured that the Bureau would at all times make all information about its transactions and processes available to the Commission when demanded.
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