Member of Parliament for Baarah constituency, Ibrahim Shujau, has alleged that inadequate oversight by the Privatization and Corporatization Board (PCB) during the previous MDP administration left several state-owned enterprises (SOEs) on the brink of bankruptcy.

Speaking during a Parliament sitting, MP Shujau said the PCB's role would be meaningless if it failed to monitor the financial management of state-owned companies. He argued that the financial decline of several SOEs under the previous administration resulted from inadequate oversight.

MP Shujau said the Ministry of Finance and Public Enterprises maintains close oversight of SOE’s and that their operations are now subject to regular audits and monitoring. He alleged that several companies had gone years without being audited under the previous administration, preventing proper financial oversight.

He said the current Administration has begun restoring the PCB's mandate and strengthening the governance of state-owned enterprises. He added that audits left outstanding during the previous administration are now being carried out.

MP Shujau further stated that the Government is working with line ministries to right-size SOE’s. He alleged that excessive recruitment into state-owned companies took place ahead of the 2023 presidential election under the previous administration, placing an unsustainable financial burden on the enterprises.

He said the current Administration is continuing efforts to improve accountability, complete outstanding audits and strengthen financial management across SOE’s.