USA Africa Dialogue Series - Fw: Autopsy of Nigeria's failed privatisation programme

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-----Original Message-----
From: "Jimi Olusoga" <jimi@olusoga.com>
Date: Fri, 30 Oct 2015 07:22:37
To: <ayo_olukotun@yahoo.com>
Reply-To: jimi@olusoga.com
Subject: Re: Autopsy of Nigeria's failed privatisation programme


Dear Prof,

To borrow your parlance permit me to begin this comment on the above topic in your column of today with one 'short take.' In the fourth paragraph you wrote inter alia "...how a corrupt and predatory political elite tragically 'mismanaged' the national patrimony in the name of privatisation." Sir, it is my humble submission that, in the context of our liquid and solid public assets the word 'mismanage' is actually a worn-out euphemism for LOOTING intended, preconceived and targeted. Empty proclamations of transparency do not becloud the discernment of the Nigerian public: the so called privatisation has always been as effective a vehicle in the hands of the political elite you mentioned, as direct siphoning of cash from the treasury in the psychopathic looting of their commonwealth Nigerians have had to put up with.

Having said this, the point must be made that the task of cleaning the augean stable of corruption that the new administration has assigned itself to will be incomplete without revisiting the so called privatisation exercises. This writer is therefore in total agreement with Prof Asaolu's road map going forward. Admittedly, fierce resistance from the beneficiaries should be expected, and the administration will be entangled in long, vicious legal battles; but it is the right thing to do.

Moreover, while core investors are critical in the provision of the financial, technical and managerial impetus to successfully drive privatised enterprises for desired benefits to the public, the amendment of the privatisation law which Prof Asaolu suggests should compel such investors to offer a specified percentage of equity shares to the investing public within a specified period of time. This is the only way to ensure that, by fair or foul, assets belonging to all do not end up inflating the empires of a privileged, select few.

Jimi Olusoga

Sent from my BlackBerry® smartphone provided by Airtel Nigeria.

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