The Nigerian privatisation laws, insider dealing abuses, and the regulatory authorities

摘要

The privatisation of public enterprises in Nigeria has, in recent years, become the perceived antidote for several of Nigeria's ailing public corporations that have over the years been subjects of mis-manangement, fraud and massive corruption. As of today, several public corporations in Nigeria have been privatised while many others still await the auctioneer's hammer. The various organs or agencies of government saddled with the legal responsibility to privatise these corporations appear to have attained some measure of success, although recent developments tend to show some relative stampede in the privatisation process. The legal regime for the privatisation exercise appears to be in a state of flux while the agencies with the primary responsibility for the exercise have witnessed some redefinition and changes in recent years. What has, however, become worrisome today is not the effectiveness or apparent success of the Nigerian privatisation scheme, but rather, the fears that persons and groups directly involved in the scheme are engaged in some sharp practices that are unwholesome and against the overall interest of the scheme. These practices may include profiteering, insider dealing abuses, unfair market practices, fronting and several other practices that may create an unfair terrain for Nigeria's privatisation scheme. This article intends to review the legal regime for the privatisation of Nigeria's public enterprises and determine whether adequate measures have been taken to address these serious problems that constitute a threat to the sustenance and success of the privatisation exercise. A comparative and analytical approach is adopted in the article.