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ABSTRACT
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The topic for this project is A financial Aprraisal of the operational performance of privatized Nigeria company. The research study is done in order to get possible solution or recommendation to the problem of the company and to make the staff to be efficient and effective.
Privatization can be defined basically as the process of transferring the ownership of a public enterprise to the private sector. The method adopted in this paper work was purely primary sources i.e from the field an secondary sources i.e magazine, journal e.t.c. The ratio shall be used as a benchmark for evaluating the performance of the company while the data can be analyzed into two and these are pre-privatization and post privatization.
In this respect, my aspiration to go into this research work is the modern techniques of finance mobilization, privatization has grown to attain much popularly as it is how being embraced by many developed countries and developing countries.
TABLE OF CONTENT
TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT
TABLE OF CONTENT
CHAPTER ONE
INTRODUCTION
1.1Â Â Â BACKGROUND OF THE STUDY
1.2Â Â Â STATEMENT OF THE PROBLEM
1.3Â Â Â SIGNIFICANCE OF THE STUDY
1.4Â Â Â AIMS AND OBJECTIVES OF THE STUDY
1.5Â Â Â SCOPE AND LIMITATION OF THE STUDY
1.6Â Â Â RESEARCH METHODOLOGY
1.7Â Â Â ORGANIZATION OF THE STUDY
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CHAPTER TWO
LITERATURE REVIEW AND THEORETICAL FRAMEWORK
2.1Â Â Â LITERATURE REVIEW
2.1.1 MEANING OF PRIVATIZATION
2.2Â Â Â PRIVATIZATION IN NIGERIA
2.3Â Â Â THE PRIVATIZATION PROGRAMME
2.4Â Â Â PRIVATIZATION AND LIBERALIZATION
2.5Â Â Â HISTORICAL BACKGROUND AND REGULATORY FRAMEWORK OF PRIVATIZATION IN NIGERIA
2.6Â Â Â THE PRIVATIZATION PROCESS
2.7Â Â Â ESTABLISHMENT OF AN APPROPRIATE LEGAL AND REGULATORY FRAMEWORK
2.7.1 INSTITUTIONAL ARRANGEMENT
CHAPTER THREE
RESEARCH METHODOLOGY
3.1Â Â Â INTRODUCTION
3.2Â Â Â DATA COLLECTION METHOD
CHAPTER FOUR
4.0Â Â Â PRESENTATION ANALYSIS AND INTERPRETATION VIA STATISTICAL AND ALLIED TECHNIQUES
4.1Â Â Â ANALYSIS OF PRE-PRIVATIZATION AND POST PRIVATIZATION OPERATIONAL PERFORMANCE OF Â Â Â Â Â Â Â SELECTED COMPANIES
4.2Â Â Â ANALYSIS OF RATIO MEAN VALUE
4.3.1 TAX FOR THREE COMPANIES
4.3.2 POST-PRIVATIZATION AND PRE-PRIVATIZATION MEAN DIVIDED
4.3.3 POST-PRIVATIZATION AND PRE-PRIVATIZATION MEAN RETURN ON CAPITAL EMPLOYED
4.3.4 POST-PRIVATIZATION AND PRE-PRIVATIZATION MEAN SHAREHOLDER’S FUND GROWTH
4.3.5 POST-PRIVATIZATION AND PRE-PRIVATIZATION MEAN EARNINGS PER SHARE
4.3.6 POST-PRIVATIZATION AND PRE-PRIVATIZATION MEAN DIVIDEND FOR SHARE AFTER TAX
CHAPTER FIVE
SUMMARY CONCLUSION AND RECOMMENDATION
5.1Â Â Â SUMMARY
5.2Â Â Â CONCLUSION
5.3Â Â Â RECOMMENDATION
BIBLIOGRAPHY
CHAPTER ONE
BACKGROUND OF THE STUDY
Privation is basically the process of transferring the ownership of a public enterprise to the private sector. This can be said to be injection of private resources in order words, capital and man power (in the aspect of more qualitative management ) into public sector activities. In Nigeria, privation has led to the transfer of ownership of government establishment to the private sector
With the advent of the modern techniques of finance mobilization, privation has grown to attain much popularity as it is now being embraced by many countries both developed and developing countries which Nigeria happen to be part of them.
The need for an efficient mechanism finds mobilization need to deregulate the economy and a quest for the elimination of include political interference in the economy amongst other reason have led to recent international appeal for privation by many government.
This wide spread acceptance of privation could be accounted for by various factors these includes:
1. The failure of government to run their parastals efficiently and effectively due to prevalent factor like bureaucracy. These have hundred their responsiveness to government public policy: hence they have constituted a drain on the nation economics
2. The minimization of excesses of political interference and non-market oriented decision making.
The Role Of Auditors With Their Clients And Third Parties
3. The need to restructure internal policy due to an international economic demand for deregulation, instance of this is the international monetary funds (IMF) demand for deregulation of some third world economic s as a condition for granting loan facilities to them
Privatization has proven to be a channel through which domestic and international investment get into and perhaps stay with in the country’s economy. Also fund tied down in state owned establishment. Also fund tied down in state owned establishment can be released and redirected towards more welfare oriented program like heath are delivery, funding of education national security e.t.c.
However, in the case of Nigeria and some developing countries privatization is taking a slow pace and this can be blamed on previous bad government greed on the part of policy makers, minimal awareness of the gains of privation on the part of the majority of the populace amongst other reasons.
Privatization has been adopted as a key mechanism for deregulation policy in developing counties like Nigeria is that of accelerated domestic participation in economic activities that will enhance economic independence.
The history of privation in Nigeria and it’s implication for economic independence of the private sector owned no part of establishment, but the government and foreigners own them.
Although, the whole process was not know as privatization then it was all the same as an attempt to transfer ownership of enterprise in Nigeria to the private sector. It was further modified in 1977.
Under the indigenization exercise, the government still retained its hold on many enterprise from the global perspective, the growth in the popularity of privatization then, especially in industrial nations like Britain etc.
can partly be traced to the economic development of the mid 70’s because it was used as a very vibrant tool to salvage the economy from the repercussion of the failure of the widely expanded public sector activities (Ekpentony 1992 ).
Then, privatization  brought a kind of relief by providing market system, which is being required to achieve some necessary macro economics adjustments. Countries that found themselves in this situation include Pakistan and Brazil
STATEMENT OF THE PROBLEM
In privatized companies, it is strongly believed that with very sound policies, their implementation and monitoring will bring about a lot of gains both structural and financial, and the economy of large especially in the area of deregulation that will be enhanced by qualitative backward and forward linkages.
There is no organization without it’s own share of problem. The success of any organization depends on it’s ability to make a good programme and exercste it. For example of privatized companies have good plans and could not execute
Them for the following reasons
1. Ability to finance :- some privatized companies find it difficult to fiancé programme that will bring success to their bring success to their out put either caused by the ignorance by the decision makers.
2. Practice competence :- some may be ready to finance, but the technical hands, they have on the floor of the organization may able to meet the requirement
3. Management consistency:- this also may pull back the hand of the organization clock as in accounting data on the determination of business efficiency
Excessive urge for profit:- this means the organization interest in making more of profit them it’s reasonable, there by having an adverse effect on the quality of it’s form the global perspective, the growth in the popularity of privatization them, especially in industrial nations like Britain e.t.c
can partly be traced to the economic development of the mid 70’s because it was used as a very vibrant tool to salvage the economy from the repercussion of the failure of the widely expanded public sector activities (Ekpentony 1992) then, privatization brought a kind of relief by providing to achieve some necessary macroeconomic adjustments. Counties that fund themselves in this situation include Pakistan and brazil.
SIGNIFICANCE OF THE STUDY
The essence of this study is to reveal the Nigeria program of privatization on which was thus developed
- Improve the efficiency of public enterprises
- To minimize their dependence on the nation
- To encourage share –ownership by Nigeria capital market
- Also, it will limit the scope of political interference in decision making in order to increase managerial incentive by making mangers responsible to shareholders who monitor their performance letter than government and to impose the financial discipline into private capital market (including the market for corporate control)
AIMS AND OBJECTIVE OF THE STUDY
The main objective of the study is to investigate whether privatization has affected the financial performance of the privatized company. It is also to establish the degree of relationship between privatization of Nigeria companies and their positive post privatization performance.
The specific objective are to:
- Examine the performance of privatized companies financially before and after privatization
- Assess the cost and benefit of privatization to these companies and the nation at large
- Determine the major constraint (5) to privatization
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