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An Assessment Of Cost Performance And Accountability In Privatized Public Enterprises In Nigeria.
[A CASE STUDY OF OANDO (UNIPETROL) PLC IN ENUGU STATE]
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1.6
Significance of the study Giving the substantial number of enterprises
that are yet to be privatized, the study would provide insights into the
desirability, feasibility and sustainability of future reforms. It is
envisaged that the policy recommendations from the study would assist
the National Council on Privatization in correcting the pitfalls
embedded in the previous endeavor.
The study will assist students and
fellow researchers generate information on cost performance and
accountability of firm particularly if it is relevant to their studies.
In the overall, it is envisaged that the outcome of the study will
assist international, multilateral and donor agencies to identify the
felt needs, thereby facilitating the design of demand-driven policies
and programmes to ensure the success of privatization in Nigeria in
particular and sub-Saharan Africa in general. 1.7 Scope of the study The
scope of the study has been narrowed in order to look at the impact of
cost performance and accountability in the petroleum industry,
particularly in UNIPETROL (now called OANDO plc after privatization).
The study will cover a period of five(5) years ranging from (2008-2012).
1.8 Limitation of study Like many other research study, this research
is confronted with the following limitations:
1. Finance - The cost
of running any research project is quite expensive. It ranges from
producing questionnaires to be distributed to respondents, the cost of
transporting to the areas where information concerning the project is to
be obtained etc, and this research is not an exception. 2. Time- The
time required to complete a research project is often limited judging
from the information required to complete a comprehensive research work.
This research is also affected by time. 3. Problem of confidentiality-
The challenge of getting respondents to fill the necessary research
questionnaires is tasking despite the confidence giving to keep all
information obtained from them in utmost confidence.
1.9 Definition
of key Terms. A. Accountability: It is rendering stewardship. It is also
the act of being able to Shoulder responsibilities and carry the
correlative burden of performance. In other words it means
answerability, blameworthiness, liability and the Expectation of
account-giving.
B. Asset sale: is the transfer of ownership of
government assets, commercial-type enterprises, or functions to the
private sector. In general, the government has no role in the financial
support, management, or oversight of a sold asset. However, if the asset
is sold to a company in an industry with monopolistic characteristics,
the government may regulate certain aspects of the business, such as
utility rates.
C. Competition: occurs when two or more parties
independently attempt to secure the business of a customer by offering
the most favorable terms or highest quality service or product.
Competition in relation to government activities is usually categorized
in three ways: (1) public versus private, in which private-sector to
conduct public business; (2) public versus public, in which
public-sector organizations compete among themselves to conduct
public-sector business; and (3) private versus private, in which
private-sector organizations compete among themselves to conduct
public-sector business.
D. Cost: this is the sacrifice rendered for
benefit derived. It is seen in terms of opportunity cost that is the one
associated with alternative forgone. E. Divestiture: involves the sale
of government-owned assets. After divestiture, the government generally
has no role in the financial support, management, regulation, or
oversight of the divested activity F. Privatization: privatization
implies permanent transfer of control, as a consequence of transfer of
ownership of right, from the public to the private sector. This
definition is perhaps the most common usage of the term. G. Public
enterprise: any corporation or parastatal established by or any
enactment in which the government of the federation or it agencies has
ownership or equity interest. H. Public sector: that portion of an
economy whose activities (economic or non economic) are under the
control and direction of the state.
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ABSRACT - [ Total Page(s): 1 ]AbstractDespite an impressive level of privatization activity across Africa and the upsurge in search of the operating performance of privatized firms in both develop and developing economies, our empirical knowledge of the privatization program in Africa is limited. The purpose of this study is to appraise the post privatization cost and operating performance as well as accountability of some privatized public enterprises in Nigeria. A survey research design was adopted for the study, sixty fiv ... Continue reading---
