Section 1-Establishment of Commission.

  1. There is hereby established a body to be known as the State Enterprises Commission (hereafter referred to as the “Commission”).
  2. The Commission shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.
  3. The Commission shall for the discharge of its functions have power to acquire and hold any movable or immovable property or enter into any contract or transaction.

Section 2-Objects and Functions of the Commission.

(1) The objects and functions of the Commission in relation to each of the bodies specified in the Schedule to this Law (hereafter referred to as “prescribed body”) shall be?
(a) to promote within the framework of Government policy, the efficient and profitable operation of the prescribed body;
(b) to review the objectives, programmes and plans of the prescribed body and to monitor as well as evaluate their performance in relation to agreed targets;
(c) to undertake operational and management audit where necessary with a view to improving the performance of the prescribed body;
(d) to transmit Government policies with appropriate guidelines for implementation by the prescribed body;
(e) to review the organisational structure and personnel policies and practices of prescribed bodies and advise the Government on the remuneration and other conditions of service of the staff of the prescribed bodies, including incentives and bonuses;
(f) to advise Government on the criteria for the establishment of new state enterprises and where necessary advise the sector ministries on state enterprises rationalisation and rehabilitation programmes;
(g) to advise Government on the appointment and removal of chief executives or members of Boards or other governing bodies of the prescribed bodies;
(h) to examine financial structures and major investment proposals of the prescribed bodies and make appropriate recommendations to Government;
(i) to ensure that appropriate dividends are paid to Government by prescribed bodies;
(j) to ensure that the prescribed bodies establish internal audit units, corporate planning and management information systems and also to ensure the institution and implementation of managerial and professional training programmes for their staff;
(k) to make recommendations on application to the Ministry of Finance and Economic Planning for additional credit, government guarantees, financing of capital expenditure and investment plans, for the prescribed bodies;
(l) to provide consultancy services to a prescribed body for an agreed fee which shall be paid into the Consolidated Fund;
(m) to perform any other functions which are incidental to the objects of the Commission.
(2) The Commission may for the discharge of its functions engage the services of consultants.
(3) Where consultancy services are required for or by a prescribed body, the Commission may in consultation with the prescribed body engage the services of consultants and the cost thereof shall be borne by the prescribed body.

Section 3-Establishment of Board.

(1) The Council shall appoint a Board of Directors of the Commission (hereafter referred to as the “Board”) which shall be the governing body of the Commission.
(2) The Board shall consist of?
(a) an Executive Chairman;
(b) four Executive Directors;
(c) a representative each of the Ministry of Finance and Economic Planning and the Ministry of Industries, Science and Technology;
(d) two persons from the private sector of the economy; and
(e) two other persons with relevant experience in industry, commerce or administration.
(3) All members of the Board shall be appointed by the Council.