PUBLIC ENTERPRISES (PRIVATIZATION AND COMMERCIALIZATION) ACT

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LAWS OF THE FEDERATION OF NIGERIA

PUBLIC ENTERPRISES (PRIVATISATION AND COMMERCIALISATION) ACT

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ARRANGEMENT OF SECTIONS

PART I –Privatisation and commercialisation of public enterprises

1. Enterprises to be privatised.
2. Mode of privatisation.
3. Further divestment of Federal Government’s shares.
4. Management of privatised enterprises.
5. Allotment of shares of privatised enterprises.
6. Partial and full commercialisation.
7. Annual report on privatisation and commercialisation of public enterprises.
8. Special provisions relating to commercialised enterprises.

PART II – National Council on Privatisation

9. Establishment and membership of the National Council on Privatisation.
10. Tenure of office of members of the Council.
11. Functions and powers of the Council.

PART III – Bureau of Public Enterprises Establishment, etc.

12. Establishment of the Bureau of Public Enterprises.
13. Functions: privatisation.
14. Functions: commercialisation.
15. Other functions of the Bureau.
16. Powers of the Bureau.
17. Appointment of the Director-General and other staff.
18. Service in the Bureau to be pensionable.
19. Establishment of Privatisation Proceeds Account.
20. Fund of the Bureau.
21. Estimates of expenditure and income.
22. Accounts and audit.

PART IV – Legal proceedings 23. Limitation of suits against the Bureau, etc.

24. Service of documents.
25. Restriction on execution against property of the Bureau.
26. Indemnity of officers.

PART V – Public Enterprises Arbitration Panel, etc.

27. Establishment and membership of the Public Enterprises Arbitration Panel.
28. Powers of the Panel.
29. Proceedings of the Panel.
30. Other arbitration laws not applicable.

PARTVI – Miscellaneous

31. Regulations.
32. Savings, etc.
33. Interpretation.
34. Short title.

SCHEDULES

FIRST SCHEDULE

PART I – Enterprises in which equity held shall be partially privatised

PART II – Enterprises in which equity held shall be fully privatised

SECOND SCHEDULE

PART I – Partial commercialisation

PART Il – Full commercialisation

THIRD SCHEDULE – Supplementary provisions relating to the Council

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PUBLIC ENTERPRISES (PRIV ATISATION AND COMMERCIALISATION) ACT

An Act to provide for privatisation and commercialisation of certain public enterprises and to establish the National Council on Privatisation and the Bureau of Public Enterprises; and for matters relating thereto.

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[Commencement.] [31^st  December, 1998]           

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)