“The Nigerian government is contemplating the sale of ownership stakes in approximately 20 state-owned companies, aiming to raise capital and enhance governance within these entities.
As reported by Bloomberg, among the firms under consideration for stake sale is the Nigerian National Petroleum Corporation (NNPC), as revealed by Armstrong Takang, the CEO of the Ministry of Finance Incorporated.
The agency is exploring various avenues for this initiative, including strategic sales and initial public offerings (IPOs), with a target to implement the plan within 18 months. The primary focus is on creating value rather than retaining control, and some entities might require private sector involvement to hold controlling shares.
Takang emphasized, “We would rather own 49% of a high-performing entity than 90% of an entity that is underperforming.”
These proposed sales align with President Bola Tinubu’s efforts to reform the country’s economy. The agency is currently in the process of selecting consultants, such as valuers, financial advisors, lawyers, bankers, and other professionals, to manage different aspects of these transactions.
Back in October 2022, sources within the Ministry of Finance, Budget, and National Planning disclosed that the government was exploring the possibility of selling or concessioning about 27 national assets. This list included notable assets such as Tafawa Balewa Square in Lagos and various power plants across the country.”
“The sources indicated that over 25 of these projects are intended to be transformed into productive assets, generating revenue for the Federal Government.
Since 2016, the idea of selling certain national assets has been under consideration by the Federal Government as a means to enhance its revenue.”
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