Pres. Bola Tinubu
FG plans selling stake in TBS, NNPCL, others
Federal Government is planning to sell-off its stake in 20 state-owned assets, including the Nigerian National Petroleum Company Limited (NNPCL), Tafawa Balewa Square (TBS) in Lagos as part of efforts to shore up funds and improve governance in the entities.
According to Chief Executive Officer at the Ministry of Finance Incorporated, Armstrong Takang, the agency is considering options including strategic sales and initial public offerings and aims to implement the plan within 18 months.
He noted that some of the entities need the private sector to take controlling shares and the major consideration for the government is to create value rather than retain control.
“It is better for us to own 49 per cent of a high-performing entity than 90% of an entity that is underperforming,” he said.
Takang stated that the agency is in the process of appointing consultants including valuers, financial advisers, lawyers, bankers, and others to handle different aspects of the transactions.
In October 2022, sources at the Ministry of Finance, Budget and National Planning exclusively said that the government was considering selling or concessioning about 27 national assets.
The full list of assets considered for sale also include; the National Integrated Power Projects in Olorunsogo, Calabar II, Benin (located at Ihorbor), Omotosho II, Geregu II plants, all the hydropower plants across the country, including Oyan, Lower Usuma, Katsina-Ala, and Giri plants.
More than 25 of such projects will be turned into active assets that will generate money in some ways to the Federal Government.
