How Nigerian government plans to sell national asset – Official

Minister of Finance, Kemi Adeosun
Minister of Finance, Kemi Adeosun

The Nigerian government plans to sell only some percentage of its shareholding in selected asset, and will not sell entire national property, a top presidency source has told PREMIUM TIMES.

The government also intends to retains the right to buy back the shares in future, the source said.

The source asked not to be named because of the sensitivity of the issue.

The comments came as more Nigerians kick against the government’s plan to sell asset as a way of lifting the economy out of recession.

Aliko Dangote, and Senate President, Bukola Saraki, were amongst the first to call for the sale of national asset in the face of economic crisis. Mr. Dangote called for the sale of NLNG plant.

The Nigeria Labour Congress (NLC) described those calling for the sale as “economic vampires government must beware of”.

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) and the Trade Union Congress (TUC) said the proposal was “a self-destructive move”.

Prominent Nigerians, including former governor of Central Bank of Nigeria (CBN), Chukwuma Soludo, have also voiced criticisms against the proposal.

Mr. Soludo said the proposal was largely self-serving and convenient, and would only be a win-win for both government and its private sector collaborators, with Nigerians and the economy as the losers.

But our source said the government never considered any plan to entirely sell off asset.

He the draft sales agreement include a repurchase clause.

On the Nigeria LNG, the official said no decision had been taken yet, but that the government was considering selling off only 5 per cent of its equity holding in the company. Such a transaction will leave Nigeria with 44 per cent holding.

Nigeria currently holds 49 per cent majority equity holding in the plant, in partnership with Shell BV (25.6 per cent), Total LNG Nigeria Ltd (15 per cent) and Eni (10.4 per cent).

“The federal government does not own the entire gas company, and will certainly not sell-off its entire shares. Government is open to selling 5 per cent, or thereabout of its 49 per cent shareholding. The decision is yet to be taken at all,” the official said.

“Although no list has been drawn-up for the proposed asset to be sold, there is a clear decision not to sell any of the country’s critical asset. Certainly, there is no plan to sell-off outright any asset whatsoever.

“Some of the intended sales could be in form of time-bound leases, advance renewal payments on leasing licenses and concession, which would attract buoyant signature fees,” the official said.

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  • MC

    And do what with proceeds from the 5% sale?

  • Bigtin

    Start with the Refineries!

  • FRAUD of the Century

    Imam OLODO’s tactic here is to sell the Assets of the Niger Delta to the Northern people and their Yoruba collaborators from the West. The principal goal is to ensure that these assets are effectively in the hands of the non oil and gas producing regions of Nigeria so as to attempt to reduce the economic advantage that the South Na East have over the North and West. The whole idea is simply driven by ethnicity and greed. Evil. Pure Evil.

    The Niger Delta AVENGERS must act swiftly and ensure that no Assets of the Niger Delta is sold to anyone outside the Niger Delta. If I may ask, why has Cattle in the North not been sold? Why has Cocoa farms or Cotton farms not been sold? The people of the Niger Delta and Biafra must ensure that no assets that belongs to them is sold to anyone outside their regions/countries.

  • Ed

    I now know why Buhari does not shake hands with Kemi but other women especially the Oyibos. The reason is the Crucifix Kemi wears around her neck which many fanatic extremists have zero tolerance for.

  • favourtalk

    They should please stop spreading lie and hatred all around, the government had spoken since that they are not selling things yet.

  • Gabriel Olasebikan

    FG,do NOT sell our National Assets.PERIOD. Getting away with arbitrarily increasing the pump price of petrol doesn’t mean you can get away with every thing.

    You promised to come and “change” and not to sell.

  • Orlyx Domingoes

    Editor Premium Times,

    Nigeria is in trouble under BUHARI

    In my own neighbourhood, many chemists closed down in the last three months because
    they can’t meet up yo buy new stock after selling their old stock at the rate of 350 Naira
    to one dollar. The rate today is 440 to a dollar. So, the chemists were selling at a loss.
    Our youths are now into full time armed robbery; with guns, machetes and cutlass.
    On Sunday, these youths invaded WINNERS CHAPEL at Upper Campos area.
    They robbed and slapped everybody inside the church and went scot-free.

    I want to thank Premium Times for the last editorial titled: “How Buhari Helped Nigeria Into Recession
    and How He Can Take Us Out Of It” It is a very brilliant editorial which every Nigerian should read to
    know when the rain started beating us under President Muhamadu Buhari. Today, the Naira is 440
    to one dollar and is falling everyday because the businessmen in Nigeria and abroad don’t see
    competent policy by the Buhari government to give them comfort in this economic recession.

  • Höly Wähala

    See why I call her Kalamity Kemi…??? They have no ideas how vehemently Nigerians will react to any attempts by this visionless gang of economic novices to sell our futures to theirs… Awon ole jati-jati, come and sell we’re waiting to see who the buyers will be. Thieves. This woman is an evil omen, ende!

    • Tunsj

      You got that right. As a supporter of President Buhari, I’m ashamed about what is going on. Majority of Nigerians are against the sale of the national asset and these clowns are still moving forward to complete the sale.

  • Lanre

    As long as they sell it to the rightful owners – The people of the Niger-Delta. Governance run by criminals!

  • Otile

    Nigeria has fallen to the hands of rogues. God have mercy. Sell and buy back, what a fraudulent talk! Why sell in the first if you intend to buy back? Kemi is a rogue of the first order.

  • LionHeart

    Selling a percentage or 100% of a National asset should not be an option. Are they saying that there is no other way to bring Nigeria out of recession? Why not seek advice from local and international economists?