We’re Committed to Privatisation – Buhari

President Buhari has restated his government’s commitment to the privatisation process.In a press statement released on Thursday by his Senior Special Adviser on Media and Publicity, Garba Shehu, the President says higher premium will be placed on the technical competence of bidders.The president spoke while welcoming the Peugeot Executive Vice President for Africa and the Middle-East, Mr. Jean-Christophe Quemard, to the State House, Abuja.The statement said that President Buhari stressed that greater consideration will now be given to the technical and managerial competence of prospective buyers of government-owned companies.“The President said that a higher premium will be placed on the technical competence and financial clout of bidders in future privatisation exercises to avoid the running aground of privatized companies by ill-equipped and incapable investors,” the statement read.It continues: “President Buhari, who spoke after being briefed on plans by Peugeot to stage a comeback to Nigeria after the collapse of the privatization of Peugeot Automobiles Nigeria Limited, noted that privatization could only succeed and yield desired benefits if buyers of government-owned companies possess essential skills and resources.”In his response, the statement stated that Mr. Quemard assured President Buhari that Peugeot was ready to reinvest in vehicle assembly in Nigeria, provided that the right indigenous partners are found.According to the statement, Peugeot Automobiles Nigeria Limited which was privatized some years ago has technically reverted to government ownership with up to 85 per cent of its shares now held by the Federal Government and the Assets Management Corporation of Nigeria (AMCON).