Economy
Why We Must Sell National Assets—Finance Minister
By Ahmed Rahma
The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, has explained why the federal government is bent on selling some national assets despite oppositions to this.
Mrs Ahmed, while speaking on Friday on Channels Television’s Sunrise Daily, disclosed that the sale of these “moribund” government properties would benefit Nigerians and boost the nation’s economy.
She argued that some of these controversial governments assets were currently moribund and provide little or no value to Nigerians in their current state.
“There are some government assets that are dead that can be sold to the private sector to be reactivated and put to use for the benefit of Nigerians.
“So, we are looking at different, and I am a member of the National Council on Privatisation. We are looking at different categories of government assets that government has not been able to manage, that is lying down and in some cases even completely rundown, to cede them off to the private sector,” she submitted.
Business Post had earlier reported that the Socio-Economic Rights and Accountability Project (SERAP) had appealed to the National Assembly to stop the government of President Muhammadu Buhari from selling the public properties.
The group had in a statement issued last Sunday advised the government to cut salaries and allowances of its top officials for the funding of the 2021 budget rather than selling public assets.
“The National Assembly has a constitutional and oversight responsibility to protect valuable public properties and to ensure responsible budget spending.
“Disposing of valuable public properties to fund the budget was not in the public interest and would be counter-productive, as the action would be vulnerable to corruption and mismanagement,” the group had noted in its letter to the parliament.
Recall that on January 12, Mrs Ahmed had revealed the government’s plan to sell public assets to partly finance the N13.58 trillion 2021 budget.
Speaking further on this today, the Minister stressed that the “intention is not just funding the budget, it is to reactivate these assets and hand it over and have them bring contributions to the growth in the economy.”
She added that the Bureau of Public Enterprises (BPE) will begin to coordinate with other arms of government on the asset sales in the first quarter of the year.
“In last week of December, we had a meeting of the National Council on Privatisation where we approved the annual work plan, the 2021 work plan, for that Bureau of Public Enterprises,” she said.
“And I guess it is in this first quarter that the BPE will now be engaging the Senate committee and other committees they work with to say this is our work plan for the year,” she said.
By Adedapo Adesanya
The Nigerian government has stopped the issuance of waivers for the importation of threaded pipes, a key component in oil and gas operations that drains Nigeria’s foreign reserves by over $1 billion annually, as part of efforts to plug capital flight and boost local manufacturing.
The Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, announced this at the commissioning of Monarch Alloys Limited’s coating plant in Lagos.
He said Nigeria does not justify importing pipes when local capacity is being developed, stressing that investments like Monarch Alloys must be patronized to stimulate industrialization, reduce import dependency, and create jobs for Nigerians.
“Let me state clearly today: no more waivers for the importation of threaded pipes into this country. We have a duty to support our industries to grow. We will not allow dumping of pipes or such things anymore.
“It makes no sense for Nigeria to continue spending hard-earned forex on products we now have the capacity to produce locally. This is why we are stopping waivers immediately,” he stated.
The directive was handed to the Nigerian Content Development and Monitoring Board (NCDMB), which oversees compliance with the Nigerian Oil and Gas Industry Content Development Act.
The newly commissioned plant boasts an annual external coating capacity of two million square meters and one million square meters for internal coating. It is designed to meet the needs of both onshore and offshore pipeline projects, including high-spec applications that demand advanced corrosion protection.
Also speaking, the Minister of State for Industry, Trade and Investment, Mr John Owan Enoh, described the facility as a transformative development.
“This investment is a strong testament to Nigeria’s industrialization drive. It reduces our dependence on imports, creates jobs, and expands the value chain,” he said, noting that Monarch Alloys is a model for public-private collaboration and pledged continued government support to ensure a thriving investment environment.
On his part, the Executive Secretary of NCDMB, Mr Felix Omatsola Ogbe, praised the initiative as a strategic win for local content, warning that sourcing key elements like pipeline coatings from abroad saps the economy of opportunities and value.
“This facility is aligned with the Nigerian Content Equipment Certificate scheme under the NOGICD Act. It gives companies like Monarch Alloys priority consideration during technical bid evaluations in the oil and gas industry.
“That era must end. This facility introduces high-performance 3LPE and concrete weight coating capability into Nigeria, keeping technical and economic value within our borders.”
“The economic implications are significant including job creation, skills development, stimulation of local manufacturing, and logistics. Monarch Alloys is not just meeting a sectoral need; it is contributing to national development,” Mr Ogbe added, urging operators in the industry to prioritize partnerships with local manufacturers.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange fell by 0.24 per cent on Friday, April 25 after the duo of FrieslandCampina Wamco Nigeria Plc and Afriland Properties Plc landed on the losers’ table.
FrieslandCampina Wamco Nigeria Plc depreciated by N2.58 to sell at N35.37 per unit compared with the previous day’s N37.95 per unit, and Afriland Properties Plc lost 2 Kobo to close at N17.78 per share versus Thursday’s closing value of N17.80 per share.
However, Geo-Fluids Plc appreciated by 10 Kobo during the trading day to sell for N1.80 per unit, in contrast to the preceding session’s N1.70 per unit. The rise in the price of the stock could not prevent the fall of the bourse yesterday.
Consequently, the market capitalisation of the trading platform went down by N4.64 billion to N1.914 trillion from N1.918 trillion and the NASD Unlisted Security Index (NSI) declined by 7.92 points to 3,269.06 points from 3,276.98 points.
The final trading session of the week ended with a surge of 1,695.8 per cent in the volume of securities transacted to 3.7 billion units from the 206.2 milion units transacted in the previous trading day.
Equally, the value of transactions jumped by 2,592.6 per cent to N9.5 billion from N354.1 million on Thursday, and the number of deals decreased by 47.4 per cent to 20 deals from the 38 deals recorded a day earlier.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units sold for N520.9 million, followed by Geo-Fluids Plc with 259.3 million units worth N456.1 million, and Okitipupa Plc with 153.6 million units valued at N4.9 billion.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 15.6 million units worth N598.5 million, and Impresit Bakolori Plc with 533.9 million units sold for N520.9 million.
By Dipo Olowookere
A 0.30 per cent fall was recorded by the Nigerian Exchange (NGX) Limited on Friday as a result of profit-taking in the industrial goods sector.
This was mainly caused by sell-offs in Dangote Cement Plc, which released its financial statements for the first quarter of 2025 yesterday.
The cement maker lost 10.00 per cent during the session to trade at N432.00, Regency Alliance lost 8.06 per cent to close at 57 Kobo, VFD Group depreciated by 7.57 per cent to N17.10, Chams declined by 7.27 per cent to N2.04, and Sovereign Trust Insurance crashed by 6.12 per cent to 92 Kobo.
Conversely, International Breweries, Legend Internet, and Ikeja Hotel gained 10.00 per cent each to sell for N7.70, N6.82, and N12.10 apiece, Vitafoam Nigeria surged by 9.93 per cent to N44.85, and Eterna rose by 9.92 per cent to N39.90.
The industrial goods index was down by 4.73 per cent on Friday, as the others finished in green territory.
The consumer goods space rose by 2.21 per cent, the banking sector appreciated by 1.55 per cent, the insurance counter expanded by 1.50 per cent, the energy sector increased by 0.07 per cent, and the commodity industry went up by 0.04 per cent.
At the close of transactions, the All-Share Index (ASI) went down by 321.21 points to 105,753.05 points from 106,074.26 points and the market capitalisation shrank by N202 billion to N66.465 trillion from N66.667 trillion.
The level of activity increased yesterday as the trading volume, value, and number of deals grew by 30.40 per cent, 94.23 per cent, and 17.64 per cent, respectively.
This was because investors transacted 428.1 million shares worth N20.2 billion in 14,284 deals compared with the 328.3 million shares valued at N10.4 billion in traded in 12,142 deals a day earlier.
GTCO led the activity chart with 60.7 million equities sold for N3.8 billion, Fidelity Bank traded 41.4 million stocks worth N829.3 million, Access Holdings exchanged 40.6 million shares valued at N968.3 million, MTN Nigeria sold 33.0 million equities for N8.2 billion, and Zenith Bank transacted 22.9 million stocks worth N1.1 billion.
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