National
Tinubu Moves to Sell Government’s Stake in NNPC, 19 Other State-Run Companies to Raise Funds
By Sola Omoniyi, Lagos
The Federal Government of Nigeria under the control of President Bola Ahmed Tinubu, 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.
Armstrong Takang, the chief executive officer at the Ministry of Finance Incorporated, disclosed that the sale would 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 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, but there are speculations that the below assets are for sale.
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.
