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.
How the government shares sale will work
Armstrong Takang, the Chief executive officer at the Ministry of Finance Incorporated who disclosed the move said the sale will be to strategic investors.
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 major consideration for the government is to create value rather than retain control.
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He said:
“It is better for us to own 49 per cent of a high-performing entity than 90% of an entity that is underperforming.”
The 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 included:
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
Hydro power plants across the country:
Oyan plant
Lower Usuma plant
Katsina-Ala plant
Giri plant
Calabar and Kano free 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.
