PUBLIC CORPORATION
Hey Guyz, watsup? How are y'all doing, I hope
you are great. I just had one of the most difficult week of my Life. I worked
tirelessly hard on a project that was dear to my heart and it didn't just work
out. So y'all have to be doing good cos my happiness clings on that, I find
that so many times when am in a place of pain, the happiness of others heal me
alot- I could just see and hear a good news about somebody else and immediately
feel a surge of happiness come my way. so I can say I share in others happiness
how much more the happiness and joy of my esteemed readers who have been with
me from day one. so y'all be happy not just for yourselves but for others who
might be like me near you. God Bless, so let's get straight to today's lesson.
Public
Corporation is defined as a Large Scale Business Organisation set up, owned
and financed by the government of a country mainly to provide services to the
members of the public. They are directly under the control of the
government to cater for the welfare of
the people. It can also be known as Public Enterprise or Statutory Corporation
which are run by the government through the tax paid by the people, they are
established by an act of parliament or decree. They are controlled by a Board
of Directors, appointed by the Government. Examples include- Nigerian National
Petroleum Corporation (NNPC), Federal Radio Corporation of Nigeria (FRCN),
Nigerian Ports Authority (NPA), etc.
Features of
Public Corporation:
a. Monopolistic in Nature- Some Corporations
are conferred with monopoly power by an act of parliament or decree.
b. Restriction of Services- It is true
that Public Corporations provide services but each one is restricted to the
provision of special services, e.g. Former N.E.P.A provides electricity to the
public.
