Section 11: Functions and powers of the Council

The functions and powers of the Council are to-(a) determine the political, economic and social objectives of privatisation and commercialisation of public enterprises;
(b) approve policies on privatisation and commercialisation;
(c) approve guidelines and criteria for valuation of public enterprises for privatisation and choice of strategic investors;
(d) approve public enterprises to be privatised or commercialised;
(e) approve the legal and regulatory framework for the public enterprises to be privatised;
(f) determine whether the shares of a listed public enterprise should be by public or private issue or otherwise and advise the Government of the Federation accordingly;
(g) determine the time and when a public enterprise is to be privatised;
(h) approve the prices for shares or assets of the public enterprise to be offered for sale;
(i) review, from time to time, the socio-economic effects of the programme of privatisation and commercialisation and decide on appropriate remedies;
(j) approve the appointment of the privatisation advisers and consultants and their remuneration;
(k) appoint as and when necessary committees comprising persons from private and public sectors with requisite technical competence to advise on the privatisation or commercialisation of specific public enterprises;
(l) approve the budget of the Council;
(m) approve the budget of the Bureau;
(n) supervise the activities of the Bureau and issue directions on the implementation of the privatisation and commercialisation programme;
(o) receive and consider, for approval, the audited accounts of the Bureau;
(p) submit to the President in each year a report on the activities of the Council and the Bureau;
(q) receive regular and periodic reports from the Bureau on programme implementation and give appropriate directions; and
(r) perform such other functions as may, from time to time, be necessary to achieve its objectives.