10 national asset Nigerian government may sell


While the national debate on the sale of asset to raise funds to help Nigeria out of recession continues, the federal government last week said it has not taken a firm decision on the matter.

However, despite the government’s seeming indecision, a top official of the presidency had told PREMIUM TIMES about the administration’s intentions.

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

Below are some of the asset that may be affected should the federal government finally decide on asset sale.

Nigeria Liquefied Natural Gas Limited

The six trains facility is reputed to possess the capacity to produce 22 million tonnes per annum (MPTA) of liquefied natural gas (LNG), and 5 MPTA of natural gas liquids (NGLs) from 3.5 billion standard cubic feet per day (BCF/D) of natural gas feedstock.

It is owned by four shareholders, namely: Nigeria, represented by Nigerian National Petroleum Corporation (49 per cent), Shell (25.6 per cent), Total LNG Nigeria Ltd (15 per cent) and Eni (10.4 per cent).

The NLNG-Six project consists of Train 6, additional condensate processing and additional LPG storage and Jetty facilities making up Train 7, under construction. When completed, total production capacity of the plant would grow to 30 MPTA of LNG.

The NLNG was incorporated as a limited liability company on May 17, 1989, to harness Nigeria’s vast natural gas resources and produce liquefied natural gas and natural gas liquids for export.

Its subsidiaries include Bonny Gas Transport (BGT) Limited and the NLNG Ship Management Limited (NSML).

The company has been Nigeria’s cash cow in critical periods.

In 2015, when the present administration came to power, the $2.1 billion dividend and royalty from NLNG served as the take-off grant.

The presidency official told PREMIUM TIMES that only five per cent of government’s 49 per cent equity would be sold, with a buy-back clause to be included in the share purchase agreement (SPA), for government to repurchase the shares when the situation has improved.

The arrangement would leave government with 44 per cent stake-holding in the plant.

“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,” he said.


The Nigerian National Petroleum Corporation (NNPC) is the state-owned national oil company with business interests in the upstream and downstream sectors of the oil and gas industry.

In the upstream industry, NNPC operates seven joint venture partnerships, with Shell (55:45 per cent) and 60:40 per cent with Mobil, Chevron, Total, Agip, Elf and Panocean.

The corporation has at least 11 subsidiaries, with strategic business interests spanning exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments.

It is not clear what percentage equity in the joint ventures or any of the subsidiaries the government is contemplating selling.

NNPC-Towers (1)

However, the Governor of Nigeria’s Central Bank, Godwin Emefiele, said government would soon commence the sale of about 15 per cent of its oil asset held by NNPC.

Mr. Emefiele, who has consistently canvassed selling part of government equity in the oil and gas joint ventures, said the present proposal is expected to yield a minimum revenue inflow of $10 billion for the country.

“A team of consultants has been commissioned to carry out a study on the proposed sale. The country’s income would have been beefed up to $15 billion if the asset had been sold earlier in the year,” Mr. Emefiele said.

3. Port Harcourt Refining Company Limited (PHRC)

The Port Harcourt Refining Company Limited is a subsidiary of the NNPC.

The 210,000 barrels per stream day (BPSD) facility consists the 60,000 BPSD capacity refinery commissioned in 1965, and the new 150,000 BPSD capacity refinery opened in 1989.

In view of its declining production capacity in recent years as a result of age and poor maintenance, the refinery has been one of the facilities in the petroleum industry often identified for possible sale.


It was actually sold during the dying days of the Olusegun Obasanjo administration to some private investors, but the sale was reversed by the Umaru Yar’Adua administration following protests by concerned Nigerians that the process was not transparent.

4. Kaduna Refining & Petrochemical Company (KRPC)

KRPC LIMITED is another subsidiary of the NNPC involved in refining of crude oil into petroleum products and petrochemicals.

The 110,000 BPSD installed capacity refinery was designed to process heavy crude oil from Kuwait, Venezuela, Saudi Arabia or Russia.

The refinery has been performing below installed capacity for long, mainly as a result of poor maintenance.

It is also one of the establishments in the oil and gas industry often touted for sale.


5. Warri Refining & Petrochemical Company Limited.

Warri Refining and Petrochemical Company is a wholly owned NNPC subsidiary established in 1978, to process 125,000 barrels of crude oil per day.

The refinery’s refining capacity has equally dwindled drastically over time, recommending it for possible inclusion in government’s list of potential establishments likely to be sold.


6. Africa Finance Corporation (AFC)

AFC is an international organization of African financial institutions to promote synergy between African banks. It was established by treaty between sovereign states, with Nigeria as one of the major shareholders through the Central Bank of Nigeria (42.5 per cent) from a total 47.7 per cent stake by African financial institutions.

Other members include Guinea-Bissau, Sierra Leone, The Gambia, Liberia, Guinea, Ghana, Chad and Cape Verde, Uganda, Rwanda, Gabon and Djibouti.

The corporation has substantial private sector participation, with several industrial and corporate shareholders including United Bank for Africa Plc (10.7 per cent,) Access Bank Plc (10.2 per cent), First Bank of Nigeria Limited (9.2 per cent), Wempco Group (9.2 per cent), Zenith Bank Plc (4.6 per cent), Union Bank of Nigeria Plc (4.6 per cent), Ecobank Nigeria Limited (4.6 per cent) and others 4.4 per cent.


Total capital of the bank is put at $1.38 billion.

It is not clear what percentage of its equity holding in the bank the federal government is considering to dispose under the asset sale proposal.

Apart from outright sale of some interest, some of the other asset are only to be concessioned; meaning they will be owned and managed by a private investor for a period after which it will return to the government. Some of the asset in this category include the East-West rail lines and some major airports.

7. East-West Rail lines

The concessioning of the East-West rail lines of the Nigeria Railways is close to being completed, with General Electric-GE as the concessionaire, several government officials have said.

The deal would see GE invest $2 billion in the Nigerian economy, including refurbishment of the single-gauge lines abandoned for over a year.

Under the deal, government would receive a hefty signature fee in foreign currency, as it would in other asset proposed for concessioning.


8. Airports

Most of the 22 federal airports are in various state of disrepair. Although government is investing in the rehabilitation of about five of them at the moment, government is said to be considering including putting the others on the list of asset proposed for sale.

The Minister of State for Aviation, Hadi Sirika, has said the four major airports: Lagos, Kano, Abuja, and Port Harcourt, would definitely be concessioned.

“Government does not have money to put into these businesses and we don’t want to sell these facilities either; so that is why we are concessioning them because it is the only way to go,” he said.


9. West African Gas Pipeline (WAGP)

The 678 kilometres West African Gas Pipeline (WAGP) is a project initiated by some oil and gas operators with the NNPC to convey 800 million standard cubic feet per day gas from Escravos area in Delta state to some West African countries, including Ghana, Benin Republic and Togo.

The project has suffered hiccups, resulting in long delays to the completion.


10. Presidential Air Fleet

The debate on the reduction of the 10 aircraft in the presidential air fleet as a cost cutting strategy has been on for a long time.

Although the government has not said the presidential air fleet was one of areas being proposed for sale, some concerned Nigerians have urged government to take advantage of the opportunity offered by the planned sale of national asset to dispose of some the ten aircraft in the fleet.

If the government considers the proposal, some planes in the presidential air fleet may be sold.


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  • Concerned Nigeriana


    Patriotic Advice to President Buhari

    I want to advise President Muhamadu Buhari to go and buy flit. He can buy something like SHELTOX
    or BAYGON to flit the whole of Aso Villa, especially under the chairs, tables and cupboards there,
    because I am suspecting that some Premium Times journalists are hiding inside the place to hear
    all the lies that President Buhari and his mediocre Ministers are planning to tell Nigerians on
    this ASSET SALE which Nigerians reject. President Buhari should flit the toilet too. Who can
    tell where these Premium Times people are hiding? So it is better to flit everywhere, plus
    the kitchen and the bathroom. If President Buhari likes himself he should flit under the
    carpet in the meeting hall inside the Aso Rock. One or two Premium Times journalists
    may be lying flat there to hear all the plans to steal Nigeria’s national assets through
    nonsense English like TIME BOUND ASSET CONCESSION and such nonsense.

    • Rommel

      Maybe your understanding is that when those assets are sold,people will dismantle and take same away,it is not like that bro

      • Darlington

        Selling of Nigerian assets smacks of intellectual laziness and bankrupt of ideas on the part of Buhari led government. Nigerians will oppose it vehemently.

        • Seyido

          No…Selling of Nigerian Assets is not a lazy approach to the current issues.
          Question is…should we go on a borrowing spree or sell a tiny fraction.of different assets we currently own?
          If we decide to sell, should we sell the fractions that will yield us the greatest inflow, that being our most productive assets?
          What we fail to realise is that the country is just like a person, in the times of recession, you either spend out.of your savings, borrow or sell some of your assets. The behaviour is normal. I am currently spending out of my savings, but Nigeria has no savings. So our choices are limited to either borrow or sell some assets.
          These decisions must be made not out of sentiments.
          I support the sale of non productive assets , such as the refineries, but they ate not likely to yield the kind of money we are looking for.
          We the people must realise that in this period there are no easy decisions to be made.

          • Otile

            Is there anything from the core North we can sell to help out in this Buhari Recession? Buhari and his greedy cabal are hell-bent on liquidating Nigeria and put the assets into the hands of their tribesmen. This issue will split Nigeria for good.

          • Seyido

            Lol…it depends on the amount to be realised…..the greatest assets owned by the north is its agricultural base, but most are privately owned.

          • Otile

            How much does Northern agriculture contribute to federal pay, arms purchase, plane purchase? If crude oil was in the core North would the Fulnis allow people east of the Niger benefit from it?

          • Seyido

            Nigerian economy is largely agrarian, we only earn significant fx from crude oil, which represents 13% of gdp.
            Your question is as good as it is a question….we can’t tell…

        • Rommel

          I am happy @Seyido responded to you before me so there you have it,only people with very low understanding will resist,you should all rather spend your energy on insisting on transparency, that was how Margaret Thatcher pulled the UK out of recession when she took over as PM and
          there are other practical methods including austerity measures but an economy that lacks infrastructure like Nigeria with high leakages and weak institutions cannot afford to go that way, another option would be to print money like America and Japan did but Nigeria is not a manufacturing economy,so that option should not even be considered,the next reasonable thing would be to arrest all Jonathan employees and force them to vomit all they stole, otherwise, to privatise some assets so that proceeds can reflate the economy remains a plausible option,it
          is a very sound advice,only that people must insist on the transparency, human beings sell what we acquired to solve problems during times of hardship.

          • Otile

            Just sell something from the core North to mitigate the raging Buhari Recession. Keep your nose out of the Niger Delta.

        • Mufu Ola

          Has Buhari govt sold anything & in any case is this first time Nigeria is selling off one thing or the other?What ideas do preceding govts have that land us in recession?

    • Reposted by popular demand

      “Instead of a remake of “Horatius
      at the bridge” with the fearless hero Muhamadu Buhari cast
      in the lead role, the film we originally sat down to watch with great relish
      has suddenly veered into a totally different story, with the lead actor
      recasting himself as a timid character who is tottering on the edge
      of the bridge, utterly consumed by the need to avoid falling into the
      raging waters of the river below instead of striding forward manfully
      to deal decisive blows on the enemies of the Nigerian nation…

      And now, just as have begun stirring restlessly in our seats, wondering whether or not
      to start heading towards the exit of the cinema theatre, the film we had been watching has
      suddenly morphed into a dreadful nightmare in which the lead actor is captured by a dangerous
      group of extortionists and looters spearheaded by a certain pot-bellied General Aremu O (rtd)…,
      who have openly ganged up to rob the Nigerian nation of her few remaining assets by braying
      loudly for the sale of major public corporations at ridiculous prices to members of the mafia group
      of ugly conspirators under the guise of “saving Nigeria from the effects of recession”…

      Alas, alas, for our poor nation!”

      …………Dr. Ola Balogun

      (Professor of Dramatic Arts)

      [September 30th, 2016)

    • ojays


  • Proudly Nigerian

    You sell to raise funds and inject efficiency and profitability into the sold entities.Looks like rocket science to most commentators

    • Otile

      You sell you house and inject the funds into your pocket and become homeless. Sounds like fulani sheepish leadership to most commentators.

      • Waalay Naija

        shows how brilliant you are. What is sold in your eyes will be shipped abroad. the funds derived will be pocketed abi.

  • Lanre

    The rogues. They are willing to sell assets but not willing to restructure the country. Injustice can never last.

    • Proudly Nigerian

      what restructure .. nothing wrong with the current structure.. its the inept politicians that needs changing be it APC,PDP ZZZ,QED or APGA

      • City Lawyers Incorporated

        Premium Times Editor,

        Obasanjo’s reckless spending; as president, is criminal

        Olusegun Obasanjo signed $3 million from the national treasury as “legal fee” to “a single lawyer”
        for incorporating one Blackbone Galaxy in Nigeria. Nowhere in the world, not even in the United
        States or in Great Britain, is such fee payable to incorporate a company –
        which paralegals undertake.

        We can’t find justification for it even by
        extrapolating statutorily prescribed fee structure in conveyance matters. We
        therefore call on the Nigerian Parliament to open an inquiry into this
        $3million fee virtually wangled out of the treasury “to a single
        lawyer” for a job set at below $50,000 only, worldwide.

        We believe a clear case of fraud
        has occurred with presidential connivance and we call on the Senate to enquire and
        pass a resolution condemning it as fraudulent to enable the EFCC commence
        recovery proceeding of this $3million in a court of law in Nigeria.

    • Mufu Ola

      Restructuring is the language of lazy losers in political equations.

  • lagacy

    Ask nigerian government who and who Dat wants to buy the asset or is he using this opportunity to privatise all dis asset to northern nigeria in the name of coming out of recession or may be some cabals are now planing on hw to smuggle the country wealth, dangote is the person Dat want to buy dis asset but he can not borrow nigeria money but he can buy there asset, Nigerians be wise

    • Burning Spear

      Dangote–Fulani—-Adenuga—Yoruba—via Obj————Lady Alakija-Yoruba——–Alhaji Tinubu—Yoruba——Fashola—Yoruba——-Sanusi–Fulani–Sultan of Sokoto——Fulani-Emir of Gwandu ——Fulani———–That is the emir who smuggled 53 suitcases filled with Nairasis ati dollars for Buhari———

    • isa tukur

      Why coming to such hasty and nasty conclusion?Has Dangote bought any single firm or organisation formerly owned by the federal government?You should be objective in discussing national issues.Alternatively, remain silent.Issues of national/international discourse are never sentimental.Mary Slessor for instance stopped the killing of twins not because she had anything to loose, but, out of humanity.

      • Nicholas Bjarnarsen

        What is the story behibd the sale of Benue Cement Company Mallam Issa Tukur? Don’t just think that we from the South are fools. We know exactly what’s going on in the land. From when Awolowo paid only £20 after the war, to the invasions of rhe Fulani Herdsmen, to this so called sale of national assets, the plan has always been to rip the south of its God given resources. Just bear on thing in mind my friend, to everything in life there is time and season. Our time is coming, by HOOK or CROOK. Asalamaleikum my broth

  • Martins

    How about selling Aso Rock, National Assembly, NTA, CBN etc. Useless people, looking for free money to spend. What exactly will happen next year if there isnt money to spend? Will they sell the citizens??

  • Otile

    Is there nothing from the core North for sale to help the nation? These people are indeed destructive parasites.

  • Edon B.

    Let them declare Daura, Katsina state and Sahara desert as strategic National food security Zone for mechanize farming and Sale those “Assets” to Israel, in other to reduce huge importation of food items from foreign countries. Earnestly, Israeli are well experience in desert irregation farming. Some of the benefits we believe this can bring are: Security of our long porious border in the North; west & East 2.It will help to boost massive spending on Capital projects, like dams, feeder roads, and energy. 3. Employment e.g massive deployment of boko haram fighters to gainful venture. 4. Effective aireal survelance of the cross-border bandit. 5. Encourage the Economic growth of the region through localization and economic. 6. Food security for the entire Africa continent. 7. FDI of more than $140b to reflate our national economy out of economic recession!

  • ojays

    The sale of assets is not the problem per se but that the money will end up in private accounts in Europe and America or Panama.
    Solution – print naira and employ the youths to manually construct east-west rail road, earth dams for irrigation and engage them also in farming. this will reduce unemployment and criminal activities.
    whatever Dollar govt gets elsewhere should used to buy machinery and iron bars for the massive construction. Building construction should be intensified too. At the end of fibre years Nigeria will be a great nation. if we sell now without this infrastructure we will be back to square one in two years time. instead of contracting the railroad to general electric give to Nigeria companies. let them fumble. whatever they make will remain here and not be repatriated outside. GEC will not complete the job they will use is a political/economic weapon to keep us down just like Ajaokuta.

    • Powerlessconscious

      Good one.

  • McAlfred Uta

    I have read of sale of assets (now identified as critical assets in the gas sector by PT) but nobody repeat nobody has articulated how funds emerging therefrom would be utilized to grow the economy and save the nation from recession. My admonition to potential buyers is to beware because they will surely get the Yar’Adua treatment of reversing the sales. If there is any asset that deserves to be sold it is the aircrafts in the presidential fleet. One aircraft is good for PMB unless he is still contemplating various world tours in these hard times. If this is the case then he can fly commercial aircrafts.