Armstrong Takang, the chief executive officer at the Ministry of Finance Incorporated, said that the Nigerian National Petroleum Corporation is one of the companies the government may sell.
According to a Bloomberg report, the Federal Government may sell stakes in about 20 state-run companies to raise money and improve governance in the entities.
According to Takang, the organisation is evaluating possibilities such as strategic sales and initial public offerings with a goal of putting the plan into action in 18 months.
He said that certain entities require the private sector to take controlling stakes, and that the government should focus more on creating value than on maintaining control. He added that it is preferable for the government to own 49% of a high-performing organisation rather than 90% of a poorly performing one.
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It’s possible that these sales align with President Bola Tinubu’s strategy to improve the nation’s economy. According to Takang, the agency is now hiring specialists to manage various elements of the deals, including valuers, financial counsellors, solicitors, bankers, and others.
Approximately 27 national assets, including Tafawa Balewa Square in Lagos, the National Integrated Power Projects in Olorunsogo, Calabar II, Benin (located at Ihorbor), Omotosho II, Geregu II plants, and all of the country’s hydropower plants, including the Oyan, Lower Usuma, Katsina-Ala, and Giri plants, are among those that the government is mulling over selling or concessioning.
According to the sources, more than 25 of these initiatives will be turned into operational assets that will help the federal government financially in certain ways.
