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The Federal Government has introduced a repurchase clause that will guarantee an opportunity to “buy-back” any sold assets if circumstances change in future.
This was disclosed by a top government official on Monday.
He said: “Generally, whatever we sell, we shall get real value for, and we shall include a repurchase clause into any such sales agreements.”
The official, who spoke on condition of anonymity, stressed that while there had been no list drawn-up of the proposed assets to be sold, “there is a clear decision not to sell any critical asset of the country and certainly no plan to outright sell-off any asset whatsoever.
“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. If we even want to sell down certain assets, while our target is to get foreign currency, specifically dollars; the option would also be opened to Nigerians at some point to buy limited shares through the Nigeria Stock Exchange.”
He said the government had no plan to sell off its shares outright in the Nigerian Liquidised Natural Gas (NLNG) where it owns 49 percent shares with the balance of 51 percent owned by private foreign interests.
“What the government might consider is to reduce its current 49 percent shares by 5 percent so that its shares might be slightly reduced to 44 percent or thereabouts to raise the much needed dollars.
“The Federal Government doesn’t own the entire gas company and will certainly not sell off its entire shares, but it is open to the possibility of selling down its 49 percent ownership by 5 percent or thereabouts,” he said.