This is not the first time private sector players have put pressure on the federal government to sell off all or part of its 49% stake in Nigeria Liquefied Natural Gas, NLNG, Ltd.
NLGN Ltd was incorporated in 1989, with the shareholders being NNPC (representing the Federal Government of Nigeria) owning 49% equity, Shell Gas BV 25.6%, Total LNG Nigeria Ltd 15% and ENI International 10.4%.
A former aide to ex-President Goodluck Jonathan told TheCable that in May 2014, a group of unnamed Nigerian businessmen made a similar proposal.
Jonathan minuted on the proposal to Nwanze Okidegbe, his chief economic adviser, asking for “comments and advice”.
TheCable learnt that the office of the chief economic adviser was not well disposed to the idea.
“We understand that Okidegbe’s office initially wrote a memo completely opposing the sale, listing all the benefits the federation was enjoying and explaining why it was not in the national interest,” the former aide told TheCable.
However, intense pressure was mounted on the chief economic adviser who eventually shifted ground and recommended that federal government should sell just between 9% and 10% of its stake.
This would have left the government with 40% – a proposal that has now been revived under President Muhammadu Buhari as the nation faces forex crunch and liquidity issues.
“Jonathan got the response in May 2014, but he did not act on it for reasons nobody could really say. It could be that he was not convinced of any urgency or that the politics of re-election became priority,” the source said.
Another source, however, said the proposal failed because the Jonathan administration was advised that under the NLNG agreement, the other shareholders must be offered the first right to buy Nigeria’s stake.
“It became complicated. The businessmen who proposed the idea wanted to buy the shares and it soon became glaring that Shell and co. would certainly take up the first option, meaning nothing for the people behind the idea,” the source, who was a senior member of Jonathan’s administration, told TheCable.
According to statistics provided by NLNG Ltd, its total revenue from 1999 to 2015 was $90.3 billion from a capital investment of $15.6 billion.
NNPC, on behalf of Nigeria, received dividends of $15.3 billion during the period, while other shareholders earned $16 billion.
There has been an uproar on the revival of the sale proposal, with many commentators maintaining that Nigeria has no justification to sell what is working well.
But others believe since the country needs an injection of forex into the economy following a sharp drop in oil revenue, it should not foreclose other options.
from Nigeria Newspaper- Nigeria News| Naija News http://ift.tt/2dBxwN1
via IFTTT
AFRO DATE AGENCY(08107906879)
ReplyGET CONNECTED TO THE MOST RICHEST SUGAR MUMMIESSUGAR DADDIESGAYS & LESBIAN CONNECTION SERVICES BALOGUN JOSEPH... 08107906879
WE HAVE CONNECTION IN ALL THE STATE IN NIGERIA, GHANA, COTONOU, TOGO, CAMEROUN, IVORY COAST AND SOUTH AFRICA, WE ALSO HAVE SERVICES IN BOTH EUROPE AND AMERICAN COUNTRIES SUCH AS USA, UK, GERMANY, BRAZIL, HOLLAND, CANADA, MALAYSIA AND SOME OTHER OVERSEA COUNTRIES, MAXIMUM SECURITY IS GUARANTEE FROM ANY SERVCE WE GIVE TO YOU ,this is a 1st class dating Organisation, registered, licenced, we have top class people, both men and women, boys and girls, looking for opportunity to mingle and be friends, we have high class and rich sugar mummies, sugar daddies and lesbian single ladies and mummies, who are top shots, the likes ofpoliticians, directors, bankers, managers, executives, enterpreneur, oil barons, we have clients outside nigeria in Uk, South Africa, Ghana, Beninrepublic, Dubai, Usa.Metrodate has track records of providing you with the elite money clients in our organisation, peolpe willing to assist you financially, help you in procuring contracts, job Opportunities, business opportunity and even assisting you above your limit, we remain reliable, capable at what we do and we remain the only registered Dating Agency in Nigeria, rated number 1 by google and also awarded by Ovasion magazine and naija entertainment for best coordinated and secure dating agency and the only agency registered on Vconnect in Nigeria, with track records of testimonies on our website and the only agency with a Facebook like page and a personal Facebook with office in Abuja and office in Tamale ghana, we have clientsLagos, Abuja, Calabar, port, Benin, Delta, Ibadan, Kwara, Jos, Kaduna, Osun, Lokoja, Enugu, Anambra, Imo and also in Benue state, we look forward in meeting you at our office and offering you a 1st class reliable service with guaranteed outcome, you are also advised to check us upVanguardonline, Thisday, ekolist, hint, and also on the lagos city magazine, we have qualified hands that can assist you in your request and if you want singles relationship within your age range that might lead to relationship and even marriage its practically free on the website just go and create a free profile for yourself, but if you want our advance services such as sugar mummies and daddies its only for registered members only, we also assist you in getting Fashion jobs, modeling jobs, ushering jobs and also helping you and training you in being a brand ambassador.welcome to LOVE CONNECT SUGAR MUMMY AGENCY were your dreams can be realised, and heaven help those who help themselvesStart calling its your chance dial 08107906879 - for Nigerians onlyinternational calls only +2348107906879,Facebook id--Balogun Kunle Joseph
Official Websites--www.theloveconnections.com
Official Magazine---loveconnection Magazine
Mobile Phone NUmber--08107906879
QPLQLQLQLQLQLQLQLQLQLQLQLQLLQLQLQLLQLQLQLQLQMSMSLLQLQLQLQLQLQLQLQL