Nigeria’s Asset Management System is Rotten – NLC President

Ayuba Wabba, president of the Nigerian Labour Congress (NLC) has condemned the country’s asset management system, describing it as “rotten”.

Wabba stated this on Monday at public hearing organised by the house of representatives committee on privatisation and commercialisation on the consideration of public assets reform bill, 2021.

Speaking at the event, Wabba expressed opposition to privatisation of government assets.

He said: “When this concept of having privatisation as a policy of philosophy to say that it is actually the solution to all our infrastructural and economic problems, I think that is not correct,”

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“If by now we have privatised 234 enterprises in Nigeria and we say it is to create wealth and address the issue of poverty and as we speak we are the poverty capital of the world, I think something is wrong with that policy.

“So let’s not come here and sugarcoat; let’s call it the way it is and what it is. Let me share an experience. The issue of saying that GSM or telecommunication was privatised — let’s correct the narrative. There was a GSM revolution around the world and we keyed in by trying to kill NITEL and if you go to Britain now, NITEL is still working. You can still use a landline to call. And in the process, Nigerians were exploited.

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“When GSM came into Nigeria and you compare with other countries, we were exploited. So, that was not a process of privatisation. It was a process of allowing people to come in and invest in our economy and that was different from privatisation.

“The issue of ports, let me also make the issue very clearly. Yes, we privatised our ports and what the minister of power stated is correct. Who are the owners? Who privatised it? The same people that were anchoring privatisation. They were the same people that went behind and bought the ports. I can give you evidence if you want.

“It is like taking our commonwealth, deprive every Nigerian and handing them to a few which is against the provision of the spirit of the constitution, particularly section 16 of the 1999 constitution.

“As I speak, all privatisation processes have led to job loss. In most cases, their terminal benefits have not been paid. Until now, I can tell you that I have thousands of power sector workers that have not been paid.”