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(Isaac Anumihe, ABUJA)
The Acting Director-General of the Bureau of Public Enterprises (BPE), Dr. Vincent Onome Akpotaire has explained that the reason BPE has alternate staff on the board of privatised power successor companies is to checkmate the investors and not for pecuniary purpose.
Akpotaire who declared open a one-day corporate governance training for the Alternate Directors and other staff of the Bureau in Kaduna at the weekend, said that as the agency that superintended and executed the power reform and privatisation, its staff were better placed to sit on the boards of the power companies to check their activities.
He said the training became necessary to update the Alternate Directors and other staff of the bureau involved in monitoring of privatised enterprises on modern trends in monitoring, adding that the bureau under his leadership would focus on such trainings and general capacity building of staff.
The DG charged the Alternate Directors to always live above board to justify the rationale behind their inclusion on the boards.
In their joint presentation in a paper entitled: Corporate Governance and Responsibilities of Alternate Directors, Messrs Ayodele Oni and Ayo Sotinrin of the Nigeria Infrastructure Advisory Facility (NIAF) said that corporate governance is concerned with the process by which corporate entities are governed in order to ensure best practices and allowing the entities to maximize profit but not at the expense of the public.
They added that in developing a corporate governance framework, it is pertinent that same is anchored on international best practices and that the Alternate Directors are duty bound to act in the bonafide interest of the company even as they should not allow their personal interest to conflict with that of the company.
In his paper entitled: Building Blocks of MYTO and Historical Example, Mohammed Wakili, harped on the need for continuous government’s support in alleviating some of the liquidity challenges in the power industry and the need to honour the sanctity of all privatisation contracts.
In his presentation: Minority Shareholders Rights and Directors’ Duties under The Shareholders Agreement and Companies & Allied Matters Act, Mr. Chudi Nelson Ojukwu explained the duties of directors under CAMA.
He said that every board of directors creates a governance culture which is referred to as a pattern of belief, traditions and practices that prevail when the board convenes to carry out their duties and that board must develop a culture of accountability and engagement.
Ojukwu warned that a director must not make secret profits, gain unnecessary benefits or misuse corporate information, but must exercise his powers and functions in good faith and the best interest of the company, and must exercise the care, diligence and skill of a prudent director.
In his remarks, the Project Manager (Power) in the bureau, Mr. Amaechi Aloke, in his paper on the India’s Power Sector Reform and Privatisation – A Case Study of New Delhi DISCO Privatisation, said power sector reform can provide a win-win situation for all stakeholders and that Nigeria’s power sector reform was designed after a careful study of reforms elsewhere subject to local circumstances to ensure the best possible outcome for Nigerians.
In a statement, Aloke noted that it is critical for all stakeholders in the power sector in Nigeria to work together and selflessly to ensure that the best interest of Nigeria is served.
