Daily Independent (Lagos)
Oladunjoye Phillip
3 July 2009
Lagos — The Managing Director of Federal Superphosphate Fertilizer Company (FSFC) Limited, Kaduna, Engineer Abdullahi M. Kanti, has declared that privatization presents the best chance for the survival of Nigeria's ailing public enterprises.
"I strongly believe in privatisation. I was the MD of FSFC under federal ownership and now MD under private sector ownership and the difference is clear," he said.
He pointed out that bureaucratic bottlenecks under government ownership prevented the company's growth and profitability, noting that the staff is now better remunerated and therefore more motivated.
Kanti made the remarks at the valedictory board meeting for government representatives on the board and the official handover of the remaining ten per cent government equity in the company to the workers, held recently.
In his remarks at the occasion, the Director General of the Bureau of Public Enterprises (BPE), Dr. Christopher Anyanwu, advised the management and board of the company to ensure that corporate governance is enthroned while trying to build and grow the company.
He admonished the board to ensure that standards are maintained, urging them not to just focus on rolling out products, but to ensure that best practices are observed at all times. He also charged them to keep an eye on best practices and ensure that safety standards are observed and workers are not exposed to unnecessary hazards.
Anyanwu commended the management and the board for their achievements in such a short time of taking over, saying that it was a proof that success could be achieved where there is commitment and honesty.
The BPE boss added that being able to put an old and disused plant into functionality is a credit to the leadership and visionary ability of the management.
He reminded the management of the enterprise that though government is no longer being represented on its board, the post-privatisation monitoring functions will still be effectively enforced.
The Chairman of the Board, Major General Aliyu Kama (Rtrd.), announced that the Federal Government has awarded a contract of about N6 billion to FSFC to supply fertilizer, adding that the contract was a vote of confidence on the management and staff of the company by the Federal Government.
He thanked the staff in particular for their commitment and focus that has helped the company records the successes it has so far recorded.
Be the first to Write a Comment!
Copyright © 2009 Daily Independent. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.
AllAfrica aggregates and indexes content from over 125 African news organizations, plus more than 200 other sources, who are responsible for their own reporting and views. Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica.
