FINANCING COMMERCIALISED PUBLIC CORPORATIONS THROUGH CAPITAL MARKET

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FINANCING COMMERCIALISED PUBLIC CORPORATIONS THROUGH CAPITAL MARKET

ABSTRACT

The last few decade saw the Nigerian Public sector being lambasted for poor performance, mismanagement of resources, corruption, embezzlement, to mention but a few. In particular the public corporations seem to be drawn in the sea of inefficiency; ineffectiveness; poor funding; absolute reliance on government grants and subventions; lack of qualified management Staff; corruption; etc which stops them from achieving their statutory objectives.

The Federal Government, in an attempt to redeem their lost glory, put in place a number of policy measures aimed at redefining, redirecting and injecting goal attainment in the public corporations. Structural Adjustment Programme (SAP) to be precise,commercialisation and privatisation policies were vigorously pursued by the government.

The researcher singles out some of the objectives contained in commercialisation policy namely:

To encourage public corporations to approach and secure fund through the capital market without government guarantee ;

To encourage them to survive without government subvention

The researcher attempted a review of the Nigerian economy; the Nigerian Public

Corporation; the Commercialisation and Privatisation policy; the Nigerian capital market.

Using NITEL as a case study, the researcher examined the extent to which public corporations had first been able to survive without government funding and secondly the efforts they had made towards raising required finance through the Nigerian Capital

Market. Equally, we considered the ability and preparedness of the capital market to accommodate these corporations. Finally, recommendations were made on how to ensure adequate telecommunication services at minimum cost; the role the NITEL and PTC should not play the development in telecommunication industry, the government should not practise but fully commercialise public corporations.

TABLE OF CONTENT

Title page- – – – – – – – – i

Approval page – – – – – – – -ii

Dedication – – – – – – – – -iii

Acknowledgement – – – – – – – -iv

Abstract – – – – – – – – – -v

Table of content – – – – – – – -vi

CHAPTER ONE

INTRODUCTION – – – – – – – -1

1.0 Background of the study – – – – -1

1.1 Statement of the problem – – – – -5

1.2 Purpose of the study – – – – – -6

1.3 Significance of the study – – – – -8

1.4 Research questions – – – – – -9

1.5 Scope of the study – – – – – – -10

CHAPTER TWO

LITERATURE REVIEW – – – – – – -11

CHAPTER THREE

Research methodology – – – – – – -39

Design of study – – – – – – – -40

CHAPTER FOUR

Presentation, analysis and interpretation of data – -48

CHAPTER FIVE

Summary of findings – – – – – – -60

Conclusion – – – – – – – – -61

Recommendations – – – – – – – -62

Suggestions for further research – – – – -64

References – – – – – – – – -65

Appendix I – – – – — – – – -68

Questionnaire. – – – – – – – -69

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