Head of State Commander-in-Chief the Armed Forces of the Federal
Republic of Nigeria , His Excellency General Abdulsalami Alhaji Abubakar
announced in his national broadcast in July 20, 1998 that Government
would privatize its investment in Telecommunications, Electricity,
Petroleum Refineries, Petrochemical, Coal and bitumen production and
Tourism in addition to spill over from the first phase of privatization.
program Government will retain 40% of the equities of the affected
Enterprises whilst 40% will be alienated to strategic Investors with the
right technical, Financial and management capabilities. The remaining
20% will be sold to the Nigerian public through Stock and Exchange.
Olusegun Obasanjo in his Presidential order to the Vice-President Of the
Federal Republic of Nigeria dated 6th July 1999, directed that as the
first step in the phased implementation of the Administration’s
privatization program, action was to be initiated to enable the sale of
shares listed on the Lagos Stock Exchange and own by the Federal
Government and its agencies in :
Commercial Merchant Banks
Petroleum Marketing Companies
are to be completed by December 1999 and Core Investors are to be
encouraged to buy into any of the privatized enterprises witch will be
paid in foreign currencies. The second phase will consist of hotels and
vehicles assembly plants, amongst others.
phase will involve work on the companies currently being prepared for
privatization or currently being audited, including NEPA, NITEL,NAFCON,
Nigerian Airways, Refineries, etc.