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Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
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Name : |
BUREAU OF PUBLIC ENTERPRISES |
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Registered Office : |
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Country : |
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Date of Incorporation : |
Not Available |
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Com. Reg. No.: |
Not Available |
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Legal Form : |
non Profit Making Organization |
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Line of Business : |
Subject is
a Nigerian government
division charged with the overall
responsibility of implementing the council's policies on privatization and
commercialization |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BUREAU
OF PUBLIC ENTERPRISES
The Bureau of Public Enterprises is a Nigerian
government division charged with the
overall responsibility of implementing the council's policies on privatization
and commercialization
Important note
We would like to inform you that the Bureau of Public Enterprises (BPE) was created by the federal Government of Nigeria and charged with overall responsibility of overseeing the implementation of the decisions of the National Council of Privatisation (NCP) on the entire privatization policy of The Federal Government of Nigeria.
The Bureau is not registered with the Corporate Affairs Commission (CAC). As such, we could not obtain incorporation details.
Subject is located at
NAME: BUREAU OF PUBLIC
HEAD OFFICE ADDRESS:
TELEPHONE: 234-9-4604400 - 10
FAX: 234-9-4604411 - 22
E-MAIL: askpee@bpeng.org , bonagoruwa@bpeng.org , bpe@servenigeria.com POSTAL ADDRESS: P.M.B 442 Garki,
WEBSITE: http://www.bpeng.org
PRIMARY CONTACT: Ms Bolanle Onagoruwa (Director General)
Currency: All monetary quoted in this report are in Nigerian
Naira, the local currency or unless otherwise stated. The exchange rate is N150
to 1
The organization belongs to Nigerian government and is not registered with Corporate Affairs Commission
(CAC).
|
S/N |
Name |
Position |
|
1. |
Bolanle Onagoruwa |
Director General |
The Bureau Of Public Enterprises (BPE) serves as
the secretariat of the National
Council on Privatisation (NCP) and is charged with the overall
responsibility of implementing the council's policies on privatization and
commercialization. The current Director-General of the BPE is Bolanle
Onagoruwa. The corporate office is located at
The Director General’s Office is charged with the
overall responsibility of overseeing the affairs of the Bureau in the
implementation of the decisions of the National Council of Privatisation (NCP)
on the entire privatisation policy of the Federal Government of Nigeria.
The functions of the Bureau
as provided for in the Act includes Implementation
of the NCP policies on privatisation and commercialisation, Advising the NPC on
further public enterprises which may be privatised or commercialised,
Management of post transactional performance monitoring and evaluation among
others
BPE operates under six
major processes such as Adviser Selection Process, Terms of Reference, Cost
Estimates, Selection Process, Success Fees, Transactions and Bidding Process
among others.
BPE is made up of six
self-contained, semi-autonomous units with clear sectoral transaction mandates.
They are: Industry and Manufacturing, Infrastructure and Networks, Natural
Resources, Oil and Gas, Services, Transport and Aviation. Each department is
assigned related enterprises in the following sectors: Infrastructural
Networks, Transport and Aviation, Natural Resources, Industry and
Manufacturing, Services, Oil and Gas.
During
our visit to the address, we were denied access into the premises by the
security officers on duty. There was tight security everywhere. According to
them, the insecurity situation in the country made the management to give
strict instruction that no visitor without prior appointment should be allowed
into the premises.
Conclusion: Based on our visit to the address and
available information, we are of the view that the organization is owned by the
Federal government of
SERVICES RENDERED
i.
Prepare
Public enterprises for Privatization
ii.
Engage the
services of Consultants, Advisers, investment bankers, issuing houses,
stockbrokers, solicitors, trustees, accountants, and other professionals required
for the purpose of privatization
iii.
iv.
Carry out
public sector reform for maximum and efficient allocation of resources
Functions
The functions of the Bureau as provided for in the Act include:
VISION
STATEMENT
Ø To be the model reform agency
·
To be the key driver of Government economic reform
programme
·
To be the resource centre for capacity building and
sustenance of reforms through;
Ø
Promoting a competitive economy
and enfranchising Nigerians
Ø
Enthronement of effective
corporate governance and financial discipline in the private and public sectors
Ø
Institutionalizing social
accountability and efficient deployment of public resources.
CORE VALUES
o
Transparency and Integrity
o
Accountability and Team work
o
Commitment and Diligence
o
Result Orientation
MANDATE OF THE
BUREAU
The Bureau, being the Secretariat of the National Council on
Privatisation (NCP), is vested with the following mandate: -
i.
Implement the NCP’s policy on privatization
ii.
Prepare Public Enterprises approved by the Council for Privatisation
iii.
Advise the Council on further Public Enterprises that may be privatized
iv.
Advise the Council on the Capital restructuring needs of the public
enterprises to be privatized
v.
Carry out all activities required for the successful issue of shares and
sale of assets of the public enterprises to be privatized
vi.
Oversee the actual sale of shares of the public enterprises to be
privatized, by the issuing houses, in accordance with the guidelines approved,
from time to time, by the Council
vii.
Make recommendations to the council on the appointment of consultants,
advisers, investment bankers, issuing houses, stockbrokers, solicitors,
trustees, accountants, and other professionals required for the purpose of
privatization
viii.
Acquire, hold and manage movable and immovable property.
ix.
To ensure the success of the privatization exercise taking into account
the need for balance and meaningful participation by Nigerians and foreigners
in accordance with relevant laws of
x.
To perform such other functions with respect to privatization as the
Council may, from time to time, assign to it.
Sectors
v
Tourism
v
Mines
Subject is not a
profit making organization, as such, Audited Accounts was not available as at
the time of compiling this report.
Having carried out all necessary verifications on subject,
our investigations revealed that Bureau
of Public Enterprises is located at
All information contained in the report is from secondary sources only.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.02 |
|
|
1 |
Rs.86.89 |
|
Euro |
1 |
Rs.67.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.