Full List: Tinubu Moves to Sell Government's Stake in NNPC, 19 Other State-Run Companies to Raise Funds
- President Bola Ahmed Tinubu is considering sanctioning the sale of national assets and other government-owned companies
- The Nigerian National Petroleum Company Limited (NNPCL) is among the 20 companies that the government plans to sell to generate revenue from
- The plan will involve selling at least 20% of the federal government's shares in these various entities
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The Federal Government is considering selling its stakes in about 20 state-run companies to bolster revenue amid pressing financial challenges.
According to a Bloomberg report, the Nigerian National Petroleum Corporation is one of the 20 firms.
Source: Facebook
How government's shares sale will work
Armstrong Takang, the chief executive officer at the Ministry of Finance Incorporated, who disclosed the move, said the sale would be to strategic investors.
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He also revealed that the agency is considering options, including strategic sales and initial public offerings, and aims to implement the plan within 18 months.
Takang explained that some entities need the private sector to take controlling shares, and the primary consideration for the government is to create value rather than retain control.
He said:
“It is better for us to own 49% of a high-performing entity than 90% of an entity that is underperforming.”
List of companies up for sale
Although Takang failed to mention the other companies besides NNPC, Punch in 2022 revealed a list of 27 national assets the government is considering selling or concessioning.
The assets include:
- Tafawa Balewa Square
National Integrated Power Projects (NIPP) in various locations:
Olorunsogo plant
Calabar II plant
Benin (located at Ihorbor) plant
Omotosho II plant
Geregu II plant
- Hydropower plants across the country:
Oyan plant
Lower Usuma plant
Katsina-Ala plant
Giri plant
- Calabar and Kano free trade zones
- Abuja Water Board
- Aluminium Smelter Company of Nigeria
- National Film Corporation
- National Theatre
- Lagos International Trade Fair
- Nigerian National Petroleum Corporation (NNPC)
- Federal Government-owned hotels and landed properties
- Government ministries, like the postal service
Good, bad news for Nigeria as global crude oil prices rise to highest level in 2023
Meanwhile, in another report, Legit.ng revealed Nigerians would have to prepare for another price increase in the coming days if the situation of the naira doesn't improve and global crude prices continue to rise.
However, the message from the Independent Petroleum Marketers Association of Nigeria (IPMAN) to Nigerians is not to panic.
The President of IPMAN spoke to Legit.ng, detailing what Nigerians should expect, as many fear that a litre of petrol could hit N1000.
Source: Legit.ng
