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Facts have emerged from President Muhamamdu Buhari-led federal government's moves to sell some assets in a bid to push back the recession that has hit the economy.
Certain conditions must be met before the sale, which is expected to boost Nigeria’s foreign reserves – a critical factor for potential foreign investors, The Nation reports.
The conditions, include:
“The Federal Government has no plan to sell off its shares outright in the LNG, where it owns 49% shares. The balance 51% is owned by private foreign interests.
“The Federal Government doesn’t own the entire gas company and will certainly not sell off its entire shares, but it’s open to the possibility of selling down its 49% ownership by 5% or thereabout”, a source at the presidency was quoted saying.
Certain conditions must be met before the sale, which is expected to boost Nigeria’s foreign reserves – a critical factor for potential foreign investors, The Nation reports.
The conditions, include:
- inserting a repurchasing clause in the assets sales agreements; and
- no outright sale of the yet unnamed assets.
“The Federal Government has no plan to sell off its shares outright in the LNG, where it owns 49% shares. The balance 51% is owned by private foreign interests.
“The Federal Government doesn’t own the entire gas company and will certainly not sell off its entire shares, but it’s open to the possibility of selling down its 49% ownership by 5% or thereabout”, a source at the presidency was quoted saying.
