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Recession: 10 National Assets FG May Sell- Premium Times - Politics - Nairaland

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Recession: 10 National Assets FG May Sell- Premium Times by BeeBeeOoh(m): 12:41pm On Oct 02, 2016
While the national debate on the sale of asset to raise funds to help Nigeria out of recession continues, the federal government last week said it has not taken a firm decision on the matter.

However, despite the government’s seeming indecision, a top official of the presidency had told PREMIUM TIMES about the administration’s intentions.

“Some of the intended sales could be in form of time-bound leases, advance renewal payments on leasing licenses and concessioning, which would attract buoyant signature fees,” the official said.

Below are some of the asset that may be affected should the federal government finally decide on asset sale:


[size=13pt]Nigeria Liquefied Natural Gas Limited[/size]

The six trains facility is reputed to possess the capacity to produce 22 million tonnes per annum (MPTA) of liquefied natural gas (LNG), and 5 MPTA of natural gas liquids (NGLs) from 3.5 billion standard cubic feet per day (BCF/D) of natural gas feedstock.

It is owned by four shareholders, namely: Nigeria, represented by Nigerian National Petroleum Corporation (49 per cent), Shell (25.6 per cent), Total LNG Nigeria Ltd (15 per cent) and Eni (10.4 per cent).

The NLNG-Six project consists of Train 6, additional condensate processing and additional LPG storage and Jetty facilities making up Train 7, under construction. When completed, total production capacity of the plant would grow to 30 MPTA of LNG.

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 and natural gas liquids for export.

Its subsidiaries include Bonny Gas Transport (BGT) Limited and the NLNG Ship Management Limited (NSML).
The company has been Nigeria’s cash cow in critical periods.

In 2015, when the present administration came to power, the $2.1 billion dividend and royalty from NLNG served as the take-off grant.

The presidency official told PREMIUM TIMES that only five per cent of government’s 49 per cent equity would be sold, with a buy-back clause to be included in the share purchase agreement (SPA), for government to repurchase the shares when the situation has improved.
The arrangement would leave government with 44 per cent stake-holding in the plant.

“The federal government does not own the entire gas company, and will certainly not sell-off its entire shares. Government is open to selling 5 per cent, or thereabout of its 49 per cent shareholding. The decision is yet to be taken at all,” he said.

[size=13pt]2. NNPC[/size]

The Nigerian National Petroleum Corporation (NNPC) is the state-owned national oil company with business interests in the upstream and downstream sectors of the oil and gas industry.

In the upstream industry, NNPC operates seven joint venture partnerships, with Shell (55:45 per cent) and 60:40 per cent with Mobil, Chevron, Total, Agip, Elf and Panocean.

The corporation has at least 11 subsidiaries, with strategic business interests spanning exploration and production, gas development, refining, distribution, petrochemicals, engineering, and commercial investments.
It is not clear what percentage equity in the joint ventures or any of the subsidiaries the government is contemplating selling.

However, the Governor of Nigeria’s Central Bank, Godwin Emefiele, said government would soon commence the sale of about 15 per cent of its oil asset held by NNPC.
Mr. Emefiele, who has consistently canvassed selling part of government equity in the oil and gas joint ventures, said the present proposal is expected to yield a minimum revenue inflow of $10 billion for the country.
“A team of consultants has been commissioned to carry out a study on the proposed sale. The country’s income would have been beefed up to $15 billion if the asset had been sold earlier in the year,” Mr. Emefiele said.

[size=13pt]3. Port Harcourt Refining Company Limited (PHRC)[/size]

The Port Harcourt Refining Company Limited is a subsidiary of the NNPC.
The 210,000 barrels per stream day (BPSD) facility consists the 60,000 BPSD capacity refinery commissioned in 1965, and the new 150,000 BPSD capacity refinery opened in 1989.
In view of its declining production capacity in recent years as a result of age and poor maintenance, the refinery has been one of the facilities in the petroleum industry often identified for possible sale.

It was actually sold during the dying days of the Olusegun Obasanjo administration to some private investors, but the sale was reversed by the Umaru Yar’Adua administration following protests by concerned Nigerians that the process was not transparent.

[size=13pt]4. Kaduna Refining & Petrochemical Company (KRPC)[/size]

KRPC LIMITED is another subsidiary of the NNPC involved in refining of crude oil into petroleum products and petrochemicals.
The 110,000 BPSD installed capacity refinery was designed to process heavy crude oil from Kuwait, Venezuela, Saudi Arabia or Russia.
The refinery has been performing below installed capacity for long, mainly as a result of poor maintenance.
It is also one of the establishments in the oil and gas industry often touted for sale.

[size=13pt]5. Warri Refining & Petrochemical Company Limited.[/size]

Warri Refining and Petrochemical Company is a wholly owned NNPC subsidiary established in 1978, to process 125,000 barrels of crude oil per day.
The refinery’s refining capacity has equally dwindled drastically over time, recommending it for possible inclusion in government’s list of potential establishments likely to be sold.

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Re: Recession: 10 National Assets FG May Sell- Premium Times by BeeBeeOoh(m): 12:41pm On Oct 02, 2016
[size=13pt]6. Africa Finance Corporation (AFC)[/size]

AFC is an international organization of African financial institutions to promote synergy between African banks. It was established by treaty between sovereign states, with Nigeria as one of the major shareholders through the Central Bank of Nigeria (42.5 per cent) from a total 47.7 per cent stake by African financial institutions.
Other members include Guinea-Bissau, Sierra Leone, The Gambia, Liberia, Guinea, Ghana, Chad and Cape Verde, Uganda, Rwanda, Gabon and Djibouti.
The corporation has substantial private sector participation, with several industrial and corporate shareholders including United Bank for Africa Plc (10.7 per cent,) Access Bank Plc (10.2 per cent), First Bank of Nigeria Limited (9.2 per cent), Wempco Group (9.2 per cent), Zenith Bank Plc (4.6 per cent), Union Bank of Nigeria Plc (4.6 per cent), Ecobank Nigeria Limited (4.6 per cent) and others 4.4 per cent. Total capital of the bank is put at $1.38 billion.

It is not clear what percentage of its equity holding in the bank the federal government is considering to dispose under the asset sale proposal.
Apart from outright sale of some interest, some of the other asset are only to be concessioned; meaning they will be owned and managed by a private investor for a period after which it will return to the government. Some of the asset in this category include the East-West rail lines and some major airports.

[size=13pt]7. East-West Rail lines[/size]

The concessioning of the East-West rail lines of the Nigeria Railways is close to being completed, with General Electric-GE as the concessionaire, several government officials have said.
The deal would see GE invest $2 billion in the Nigerian economy, including refurbishment of the single-gauge lines abandoned for over a year.
Under the deal, government would receive a hefty signature fee in foreign currency, as it would in other asset proposed for concessioning.

[size=13pt]8. Airports[/size]

Most of the 22 federal airports are in various state of disrepair. Although government is investing in the rehabilitation of about five of them at the moment, government is said to be considering including putting the others on the list of asset proposed for sale.
The Minister of State for Aviation, Hadi Sirika, has said the four major airports: Lagos, Kano, Abuja, and Port Harcourt, would definitely be concessioned.
“Government does not have money to put into these businesses and we don’t want to sell these facilities either; so that is why we are concessioning them because it is the only way to go,” he said.

[size=13pt]9. West African Gas Pipeline (WAGP)[/size]

The 678 kilometres West African Gas Pipeline (WAGP) is a project initiated by some oil and gas operators with the NNPC to convey 800 million standard cubic feet per day gas from Escravos area in Delta state to some West African countries, including Ghana, Benin Republic and Togo.
The project has suffered hiccups, resulting in long delays to the completion.

[size=13pt]10. Presidential Air Fleet[/size]

The debate on the reduction of the 10 aircraft in the presidential air fleet as a cost cutting strategy has been on for a long time.
Although the government has not said the presidential air fleet was one of areas being proposed for sale, some concerned Nigerians have urged government to take advantage of the opportunity offered by the planned sale of national asset to dispose of some the ten aircraft in the fleet.

If the government considers the proposal, some planes in the presidential air fleet may be sold.

http://www.premiumtimesng.com/news/headlines/211762-10-national-assets-nigerian-government-may-sell.html

Lalasticlala, Mynd44

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Re: Recession: 10 National Assets FG May Sell- Premium Times by Tallesty1(m): 12:44pm On Oct 02, 2016
Please whoever padded our budget should also pad this one to add Buhari and Lai Mohammed to the list.

107 Likes 8 Shares

Re: Recession: 10 National Assets FG May Sell- Premium Times by Nobody: 12:44pm On Oct 02, 2016
shocked

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Re: Recession: 10 National Assets FG May Sell- Premium Times by Mynd44: 12:47pm On Oct 02, 2016
They forgot both houses of the National Assembly.

175 Likes 16 Shares

Re: Recession: 10 National Assets FG May Sell- Premium Times by MadamExcellency: 12:52pm On Oct 02, 2016
Nigeria Port Authority and Kaduna refinery should go first while others wait for the next recession when Buhari's son becomes President.

47 Likes 5 Shares

Re: Recession: 10 National Assets FG May Sell- Premium Times by Tallesty1(m): 12:53pm On Oct 02, 2016
BeeBeeOoh:
.
Make optimize it for front page.
I bought snake meat at the bush meat market near Tonto Dike's house when I was going to
Olajumoke Orisaguna's house to advise the former bread seller to desist from exposing her boobs like Cossy Orjiako and Maheeda as that will reduce the respect Nigerians have for her.




Thank me later

51 Likes 5 Shares

Re: Recession: 10 National Assets FG May Sell- Premium Times by anonimi: 12:57pm On Oct 02, 2016
Mynd44:
They forgot both houses of the National Assembly.

.............and the SINators plus representaTHIEVES inside, gabadaya!












14 Likes 3 Shares

Re: Recession: 10 National Assets FG May Sell- Premium Times by Izonpikin: 12:59pm On Oct 02, 2016
If the FG is so confused they should give back these assets to host regions and communities...I wouldn't want to envisage more northerners and non Niger deltans buying these assets..

Vandalism and militant activities no go get part 2...

The niger deltans who voted for buhari and the apc should be ashamed of themselves.. angry

22 Likes 1 Share

Re: Recession: 10 National Assets FG May Sell- Premium Times by TPAND: 1:02pm On Oct 02, 2016
How come 2 of our most useless assets that has produced nothing good for this country are not listed


1. Aso Rock - Worth $10billion
2. National Assembly - worth $15billion

These two assets should be placed on sale ASAP

78 Likes 7 Shares

Re: Recession: 10 National Assets FG May Sell- Premium Times by Izonpikin: 1:02pm On Oct 02, 2016
Mynd44:
They forgot both houses of the National Assembly.
you guys voted in this clueless admin..

The FG should leave the assets for the host regions and let us all move on with our lives..these assets are already ready to be bought by the FG cronies..

We can't continue to be slaves to the FG...

The senators and other well meaning stake holders should fight against this sudden plan of FG to sell economical viable assets..

20 Likes 1 Share

Re: Recession: 10 National Assets FG May Sell- Premium Times by BeeBeeOoh(m): 1:04pm On Oct 02, 2016
Tallesty1:
Make optimize it for front page.
I bought snake meat at the bush meat market near Tonto Dike's house when I was going to
Olajumoke Orisaguna's house to advise the former bread seller to desist from exposing her boobs like Cossy Orjiako and Maheeda as that will reduce the respect Nigerians have for her.




Thank me later

lols.... On my way back from the church, I saw Iyabo Oyo & Toyin Aimakhu coming from the adjacent street where I was planning to go visit one auntie Mercy Aigbe but unfortunately I couldn't meet her at home, her neighbours, The Ikeji's said she went out last night with one uncle Richard Mode Damijo that use to visit her.

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Re: Recession: 10 National Assets FG May Sell- Premium Times by Tallesty1(m): 1:06pm On Oct 02, 2016
BeeBeeOoh:
lols.... On my way back from the church, I saw Iyabo Oyo & Toyin Aimakhu coming from the adjacent street where I was planning to go visit one auntie[b]Mercy Aigbe[/b] but unfortunately I couldn't meet her at home, her neighbours, The Ikeji's said she went out last night with one uncle Richard Mode Damijo that use to visit her..
Dancing my way to fp

4 Likes 1 Share

Re: Recession: 10 National Assets FG May Sell- Premium Times by BeeBeeOoh(m): 1:15pm On Oct 02, 2016
Tallesty1:
Dancing my way to fp
clapping for him.. Lols

3 Likes 2 Shares

Re: Recession: 10 National Assets FG May Sell- Premium Times by Drabeey(m): 1:31pm On Oct 02, 2016
In as much as i dont Like this news..... Its the best option right now. Instead of paying to maintain these assets liabilities, why not just sell them and gain taxes,royalties from them.... Nonetheless, the money can be channeled to other things thereby easing the scourge of this recession we find ourselves.

I know it is still these corrupt politicians that will by them ooo but its a good initiative. I give kudos to FG on this...


Anyway.....



Drabeey was Here

6 Likes 3 Shares

Re: Recession: 10 National Assets FG May Sell- Premium Times by drss(m): 1:35pm On Oct 02, 2016
now i see why buari dullard appointed northern ab..ki as head of nnpc. pipul of south south should be very warry of dis demonic govt. they ar about to be robbed in d name of recession. niger deltans, NEVER allow assets in ur region to be sold eva! buari in conjuction with baru (nnpc boss) n his born to rule partners from d north ar making plans to acquire (steal) oyel assets located in d niger delta through phony proxies. n d man task with d job to robe niger delta off their properties is buari's right hand man, d nnpc boss n odas in d oyel sector. does it makes sense dat abba kyari, buari's chief of staff is in nnpc board of directors
while baru is given d task of mobilizing unremited funds for buari's cronies to buy nnpc's assets. Kyari is task with giving feedbacks to buari on their plans to steal oyel assets. a task dat will never be successful if kachikwu is still nnpc boss. d dullard deliberately position his cronies at strategic positions in to oyel sector to robe niger deltans blind. their grand scheme to keep oyel money flowing to d north in case nigeria disintergrate.
all assets in niger delta belongs to d pipul of niger delta. they own the assets. dat is why in sane climes, it is d pipul from d region dat will determine whether assets in their area can be sold or not. even if they decide to sell, it will be sold to members of d public from d region were d assets ar located, not one madaforka from d north.
niger deltans must resist any attempt by dis govt to steal their properties under any guise.
d dullard is free to sell kaduna refineries to his cronies.

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Re: Recession: 10 National Assets FG May Sell- Premium Times by babs01(m): 2:00pm On Oct 02, 2016
FG should sell NASS

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Re: Recession: 10 National Assets FG May Sell- Premium Times by jazinogold(m): 2:00pm On Oct 02, 2016
Sell Aso rock villa, National Assembly, and Sell APC den recession is gone! you fit sell baba sef!


unserious people!

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Re: Recession: 10 National Assets FG May Sell- Premium Times by brostheo(m): 2:01pm On Oct 02, 2016
I hope buhari makes that list,sell that nigga off and let Nigerians have peace


Oh I forget he's a liability undecided

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Re: Recession: 10 National Assets FG May Sell- Premium Times by EastGold(m): 2:01pm On Oct 02, 2016
Continue to list them.


You want to sell Nigeria to Obasanjo, Tinubu, Saraki El-Rufai and their cronies.


It won't happen

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Re: Recession: 10 National Assets FG May Sell- Premium Times by Icecomrade: 2:02pm On Oct 02, 2016
May
Re: Recession: 10 National Assets FG May Sell- Premium Times by ceeethru: 2:02pm On Oct 02, 2016
I refused to be gullible supporter of this evil government! They want to sale what our heroes past labour to built. If Buhari is not ready to contribute to our national assets, someone help me beg him not to sale our national assets ooo. If he can't source his own income or lack ideas to get us out of this economic recession, let him step aside and allow capable hands to do it.

5 Likes 1 Share

Re: Recession: 10 National Assets FG May Sell- Premium Times by lilmax(m): 2:03pm On Oct 02, 2016
start with the fleets

1 Like 1 Share

Re: Recession: 10 National Assets FG May Sell- Premium Times by Nobody: 2:04pm On Oct 02, 2016
kolewerk
Re: Recession: 10 National Assets FG May Sell- Premium Times by shaddoww: 2:04pm On Oct 02, 2016
My question is, are we selling dem to international buyers or local buyers?
Cos if we are saying we want to sell cos we need foreign exchange den it means we can't sell to Nigerians cos dey will b paying in Naira.
But if it's true we are selling to boost d 2016 budget, den wat will we sell for 2017 budget (I guess dat will be our heritage sites den).
But I will like government to think deeply about dis cos looking back at wat we have sold, we can see dats dare has not been a difference, in fact most of dos assets are worse now. D likes of Osogbo steel rolling, Ajaokuta steel, Nitel, Nepa, Nigeria shipping line, Nigeria airways n d likes.

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Re: Recession: 10 National Assets FG May Sell- Premium Times by damola311: 2:05pm On Oct 02, 2016
They haven't stopped this asset sale crap talk?
Re: Recession: 10 National Assets FG May Sell- Premium Times by femi4: 2:08pm On Oct 02, 2016
Tallesty1:
Make optimize it for front page.
I bought snake meat at the bush meat market near Tonto Dike's house when I was going to
Olajumoke Orisaguna's house to advise the former bread seller to desist from exposing her boobs like Cossy Orjiako and Maheeda as that will reduce the respect Nigerians have for her. Thank me later

Otherwise her marriage will crash like that of Tiwa savage and might remain single for life like Genevieve or Rita dominic

6 Likes 1 Share

Re: Recession: 10 National Assets FG May Sell- Premium Times by wristbangle: 2:08pm On Oct 02, 2016
I agree with 3, 4, 5, 7, 8, 10 but others should be kept please most especially NLNG. Other selling those non functioning assets, I should not be used for budget funding rather should be deposited to foreign reserve perhaps that can defend our poor performing currency.

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Re: Recession: 10 National Assets FG May Sell- Premium Times by MrTour: 2:11pm On Oct 02, 2016
Why can't they sell Buhari and his cows.

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Re: Recession: 10 National Assets FG May Sell- Premium Times by ebujany(m): 2:11pm On Oct 02, 2016
GOALLLLLLLLL.....Stoke have equalised. Man utd 1: stoke 1.

3 Likes

Re: Recession: 10 National Assets FG May Sell- Premium Times by Niyeal(m): 2:11pm On Oct 02, 2016
I personally will buy central bank of nigeria, i ve been eyeing the company since when our teacher taught us banking in economics sss1 in year 2001 (joking)

2 Likes 1 Share

Re: Recession: 10 National Assets FG May Sell- Premium Times by ceejay80s(m): 2:12pm On Oct 02, 2016
What of the national flag And coat of arms? Dem no go sell dem too ?

2 Likes

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