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FG lists conditions for sale of national assets

27 September 2016, 12:47

Abuja - Indications have emerged that the Federal Government has listed some conditions to be met before the sale of some national assets, Nation reports.

The conditions, include:

    inserting a repurchasing clause in the assets sales agreements; and
    no outright sale of the yet unnamed assets.

A Presidency source, who pleaded not to be named, said: “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.”

On the repurchase clause, he said: “Just as in other potential asset sales, there would be a repurchase option that guarantees the Federal Government’s opportunity to buy back any such assets if circumstances change anytime in the future.”

While there have been no list drawn up for the proposed assets sales, the source said that there is also a clear decision not to sell any critical asset. He did not mention such assets.

Meanwhile the Nigeria Labour Congress (NLC) has revealed plans to mobilize Nigerians across the nation to protest the Federal Government's plan to sell strategic assets in a bid to boost the economy according to News24.

Ayuba Wabba, President of the NLC, has claimed that the consequences of such a sale will be severe if carried out as plans.

Wabba has stated that the NLC is planning to go to battle with the Federal Government in court, explaining that the Congress has enlisted the services of 20 lawyers in a bid to have the decision reversed.

- News 24


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