EXCLUSIVE: Buhari planning to sell NLNG, stake in JVCs to Arab businessmen from UAE

At his wits end over how to raise money and keep the Nigerian economy from collapsing completely, President Muhammadu Buhari is about concluding plans to sell off prized national assets to investors form the Middle East.
Nigerian Times learnt from a highly placed source in the Presidency that the government has been in talks with businessmen form Dubai and Qatar over the sale of its entire 49 percent stake in the Nigeria Liquified Natural Gas Limited.

The deal, this paper learnt, is being brokered by an influential governor from the northern part of the country. Discussions have been on for some time now but our source said the deal would have been wrapped up by now but for the insistence by the businessmen that the Nigerian government provide cast-iron guarantee that their investment would be safe given the restiveness in the Niger Delta region where the assets are based.

“The bombing of oil facilities by the Avengers is a sticking point. The investors do not want to spend billions acquiring the company only to have it go up in flames. They are asking the president to provide assurance that
facilities belonging to the company will continue to be protected by government after they have sealed the deal,” our source said.

President Buhari is said to have given them his word that their investments would be well secured by security agencies, informing them that his government is also exploring a peaceful resolution of the Niger Delta problem.

Aside the NLNG, this paper learnt, President Buhari is also considering divesting 10 per of its stake in the Joint Venture Companies as a way of raising money.

The NLNG was incorporated as a limited liability company on May 17, 1989 to harness Nigeria’s vast natural gas resources and produce Liquefied Natural Gas (LNG) and Natural Gas Liquids (NGLs) for export.

​The establishment of NLNG is backed by the NLNG Act.
The company is owned by four shareholders, namely, the Federal Government of Nigeria, represented by Nigerian National Petroleum Corporation (49%); Shell (25.6%); Total LNG Nigeria Ltd (15%) and Eni (10.4%).

It has wholly–owned subsidiaries: Bonny Gas Transport (BGT) Limited and NLNG Ship Management Limited (NSML).

With six trains currently operational, NLNG’s plant, on Bonny Island in Rivers State, is capable of producing 22 Million Tonnes Per Annum (MTPA) of LNG, and 5 MTPA of NGLs (LPG and Condensate) from 3.5 Billion (standard) cubic feet per day (Bcf/d) of natural gas intake. NLNG’s near term expansion plans include construction of a seventh train to complement the existing six train structure, which when in operation will up the company’s total production capacity to 30 million tonnes per annum (MTPA) of LNG.

As the arrowhead of Nigeria’s efforts to eliminate gas flaring, NLNG’s operations have helped reduce Nigeria’s Flaring Profile from 65% to below 25%. The company also supplies about 80% of the annual domestic LPG (Cooking Gas) consumption.

EXCLUSIVE: Buhari planning to sell NLNG, stake in JVCs to Arab businessmen from UAE | The Nigerian Times
http://nigeriantimes.ng/news/exclusive-buhari-planning-to-sell-nlng-stake-in-jvcs-to-arab-businessmen-from-uae/

Lemme quickly book space here... Na me first here o

This will be a disaster for nigeria but shell and the other shareholders will be thrilled to get rid of their dead weight partners called the NNPC.

Just sell everything sellable and buy us Garri

Islam ti take over!!!!

This better be a joke o.

It is only fair that Buhari the northern president sell, natural resources in the north to his muslim colonial masters.


Any attempt to sell resources in the south will be a fraud on the buyer. Buhari would be commiting fraud.

If this story is true, then it's Just like I predicted.
I can bet anything that the so-called UAE businessman or men are fronts or partners with our Nigerian political elites.

Since Independence, this is how most of our billionaires are created.

Why not wait when the Maiduguri oil and gas is found you sell them to the isis leaders.

pacino26:
This better be a joke o.

hope so too

If this is true, then the president is calling for a revolution. It's so unfortunate that the change we voted for is totally biting us in the ass.

Ok

joedams:
If this is true, then the president is calling for a revolution. It's so unfortunate that the change we voted for is totally biting us in the ass.

Non of the nation's asset can be sold in secret. If he succeeds it must have been approved by the legislative arm.

I think not only niger delta avengers but any well meaning Nigerian, hausa, yoruba, ibibio, idoma, tiv, ibo, etc should blow up all the gas under the terra forma if our government try to sell our assets to another country


Arent we tired of being slaves


Can america sell its oil and gas to anyone?


Buhari must be a dullard after the order of george bush jr

Is it not better to sell it than for few disgruntled element to loot it dry.

I pray, Hollywood won't come here to act Nigeria has fallen

Imagine selling off NLNG to raise money? What happened to all the trillions and billions they've been recovering and saving biko?

This story is not true