Decree No.25 of 1998 defined privatization as the relinquishment of all or part of the equity and other interests held by the federal government or its agency in enterprises whether wholly or partly owned equity holdings of an enterprise is transferred from state ownership to private individuals or associations. Government sells its shares in the privatized enterprise and hands off participation in the ownership and operation of the firm. On the other hand, if it is partial privatization, the government reduces its share holding and this its right in the company.
The Decree listed 67 enterprises which will be fully privatized and 47 others which are to be partially privatized. The following are the provisions of the Decree with respect to some particular kinds of businesses in which government has At the state levels, this scheme was also welcomed by some state government. In Enugu State, Offor (1995:8) stated that the government has decided to implement the policy of partial privatization of all the companies and industries in the state. The government aims to attract private sector funds into these ailing enterprises through the implementation of the scheme. However, the scheme has not taken off at the state up till now.