Section 4: Functions of the Technical Committee.

(1) The Technical Committee shall have the following functions, that is, to-
(a) advise on the capital restructuring needs of enterprises to be privatised or commercialised under this Act in order to ensure a good reception in the Stock Exchange Market for those to be privatised as well as to facilitate good management and independent access to the capital market;
(b) carry out all activities required for the successful public issues of shares of the enterprises to be privatised including the appointment of issuing houses, stockbrokers, solicitors, trustees, accountants and other experts to the issues;
(c) approach, through the appointed issuing houses, the Securities and Exchange Commission for a fair price for each issue;
(d) advise the Federal Government, after consultation with the Securities and Exchange Commission and the Nigerian Stock Exchange, on the allotment pattern for the sale of the shares of the enterprises concerned in accordance with section 7 of this Act;
(e) oversee the actual sale of shares of the enterprises concerned by the issuing houses in accordance with the guidelines approved by the Federal Government;
(f) submit to the Federal Government from time to time, for the purpose of approval, proposals on sale of Government shares in such designated enterprises with a view to ensuring a fair price and even spread in the ownership of the shares;
(g)
ensure the success of the privatisation and commercialisation exercise taking into account the need for balance and meaningful participation by Nigerians and foreign interest in accordance with the relevant laws of Nigeria;
(h) ensure the updating of the accounts of all commercialised enterprises with a view to assuring financial discipline
(2) The Technical Committee shall perform such other functions as may be assigned to it, from time to time, by the President, Commander-in-Chief of the Armed Forces.
(3) Whenever the Technical Committee is of the view that any enterprise is not suitable for disposal by public issue of shares, the Technical Committee shall recommend to the Federal Government the mode of disposal of such enterprise.
(4) The Technical Committee shall seek and obtain the prior approval of the Federal Government for the price of any share issue in respect of any designated enterprise and the pattern of its allotment.
(5) The President, Commander-in-Chief of the Armed Forces may give to the Technical Committee such directions as he may deem necessary and it shall be the duty of the Technical Committee to comply with such directions.
(6) The Technical Committee shall report to the Federal Government through the Office of the President, Commander-in-Chief of the Armed Forces.