News
FG considers privatisation of Ajaokuta Steel, TBS, refineries, airports, other enterprises
FG considers privatisation of Ajaokuta Steel, TBS, refineries, airports, other enterprises
The Federal Government has announced plans to privatise or concession at least 91 state-owned enterprises, including the Ajaokuta Steel Company, Tafawa Balewa Square (TBS), Lagos Trade Fair Complex (TFC), the country’s four refineries, and five international airport terminals.
Director-General of the Bureau of Public Enterprises (BPE), Mr. Ayodeji Ariyo Gbeleyi, disclosed this yesterday in Abuja, noting that each transaction would undergo a rigorous and transparent process, with input from technical, financial, and legal experts.
“We expect, from the 91 enterprises, it will be subject to a very rigorous exercise. One transaction at a time. You take them sectorally,” Gbeleyi explained.
“For example, if we are talking about the five international airport terminals, of course, we will engage the Ministry of Aviation and Aerospace Development. It is the business case or the pre-feasibility study that will say to you what you can expect in terms of concession fee from terminal operators.”
The BPE boss stressed that the bureau cannot arbitrarily fix values or terms for the enterprises until expert advisers have completed feasibility studies.
“We can’t sit here and determine that. That is why we bring in advisers to assist us—whether as a financial adviser, whether as a legal adviser to review the legal regulatory framework, or as technical consultants to review the operational realities of the infrastructure and the business case.
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It is that business case that will determine the structure and the nature of the transaction. Some transactions may lend themselves to a different structure, while another one will lend itself to another structure. And until you start, you cannot get to the nitty-gritty of what value and what to expect,” he said.
Using the stock exchange as an example, Gbeleyi explained the process further:
“If you want to enlist your entity on the stock exchange, you will engage investment bankers, you will engage lawyers, you will engage technical advisers. And based on their work, they will come up with a financial range and say to you that based on our analysis, this is the range of price you want to achieve. So, until we get to that phase for each of the transactions, we’ll now be able to tell you what to expect.”
Gbeleyi highlighted the impact of past reforms in key sectors, noting the transformation in telecommunications, pensions, ports, and aviation.
According to him, the telecom sector now boasts 169.3 million subscribers with a teledensity of 78.11 percent, contributing 14.4 percent to Nigeria’s GDP. Broadband subscriptions have reached 104.1 million, while internet users stand at 138.7 million. The e-commerce market, he added, was valued at $15 billion in 2023 and is projected to hit $33 billion by 2026.
On pension reforms, Gbeleyi revealed that the sector has amassed 10.79 million contributors and assets worth N24.63 trillion.
He also pointed to successes in port reforms, which led to the leasing of 26 terminals and attracted over $2.5 billion in investments, reducing cargo dwelling time to between four and seven days.
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“Of course, the Nigerian Ports Authority (NPA) revenue profile is also growing as a result of this exercise—taxes, duties, and associated revenues are also increasing, with throughput improving and also improving contribution to the treasury,” he added.
In aviation, Gbeleyi cited remarkable growth in ground handling companies. NAHCO’s turnover, he said, rose from N3.25 billion in 2006 to N53.5 billion in 2024, while SAHCO’s turnover jumped from N2.31 billion in 2009 to N28.9 billion in 2024.
“These reforms and data points underscore the BPE’s strategic initiatives to enhance Nigeria’s economic landscape, addressing challenges and setting a trajectory for future growth. The discussions highlighted the importance of maintaining momentum in these sectors to ensure continued progress and economic stability,” Gbeleyi said.
With the planned privatisation and concessioning, the government aims to unlock value from state-owned enterprises, attract fresh investments, and boost efficiency across critical sectors of the economy.
FG considers privatisation of Ajaokuta Steel, TBS, refineries, airports, other enterprises
News
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
Senate President Godswill Obot Akpabio has instituted a ₦200 billion defamation lawsuit against Senator Natasha Akpoti-Uduaghan, accusing her of spreading malicious sexual harassment allegations that he says have severely damaged his public image.
According to documents filed before the High Court of the Federal Capital Territory, Abuja, Akpabio is seeking substantial damages, public retractions, and nationwide broadcast apologies. He argues that Senator Akpoti-Uduaghan’s televised, radio, and online interviews portrayed him as a sexual predator who abused his office for personal gratification—claims he insists subjected him to widespread ridicule and reputational harm.
The lawsuit includes a comprehensive statement of claims and a list of witnesses. Akpabio is also asking the court to compel the removal of all online materials containing the disputed allegations and to order repeated public apologies across major media outlets.
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A court order issued on 6 November 2025 granted permission for substituted service through the Clerk of the National Assembly after initial attempts to reach Senator Akpoti-Uduaghan directly were unsuccessful. The case is now moving forward and is expected to become one of the most closely watched political legal battles in Nigeria.
Responding on 5 December 2025, Senator Natasha Akpoti-Uduaghan confirmed receipt of the suit and expressed readiness to defend her allegations before a competent court. She stated that she had previously been prevented from presenting a petition before the Senate Committee on Ethics and Privileges due to claims that a related case was already in court—an action she believes protected the Senate President from legislative scrutiny.
In a strongly worded response, the Kogi Central senator maintained that the court proceedings will finally provide the platform to substantiate her claims. She reiterated her stance that she experienced sexual harassment and that her refusal to comply with the alleged advances prompted sustained political retaliation.
“See you in court, Godswill Akpabio,” she declared.
Akpabio sues Natasha for ₦200bn over sexual harassment allegations
News
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
The Nigeria Labour Congress (NLC) has warned that it will no longer remain passive as criminal gangs intensify violent attacks across the country, declaring its readiness to hold a national day of mourning and mobilise nationwide protests over the escalating insecurity in Nigeria.
Speaking at the opening of the NLC’s National Executive Council (NEC) meeting in Lagos, NLC President Joe Ajaero said the country was “under siege,” condemning the latest school kidnapping and the reported withdrawal of security personnel before the attack. He demanded a full investigation to expose any possible compromise within the nation’s security architecture.
“The NLC cannot stand idly by and allow criminals to take over our country—never again. We want to know who ordered the withdrawal of security operatives from that school. We will not allow kidnappers and bandits to overrun our nation,” Ajaero said.
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He stressed that the labour movement would soon announce details of the planned protests and national mourning, insisting the lives of teachers, students and workers were in grave danger. “It is getting out of hand. We can no longer bear this,” he added.
Ajaero also revealed that the NLC had withdrawn its representatives from the Labour Party, accusing them of pursuing personal interests rather than representing workers.
Human rights lawyer Femi Falana, SAN, who addressed the meeting, warned that the country was in “serious trouble” over rising kidnappings and attacks. He rejected calls for foreign military intervention, cautioning that such a move would undermine Nigeria’s sovereignty.
Falana criticised recent statements by former U.S. President Donald Trump, describing them as unacceptable. He urged President Bola Tinubu to take decisive action to protect citizens, saying: “We want to let the world know that we are not a conquered people.”
He called on labour unions, civil society organisations and Nigerians to prepare to resist any further decline in national security.
NLC threatens nationwide protests as insecurity worsens, withdraws support for Labour Party
News
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
Former British Prime Minister Boris Johnson has praised UK Conservative Party leader Kemi Badenoch, describing her as a “future Prime Minister of the United Kingdom” during his visit to Nigeria for the Imo State Economic Summit 2025.
Speaking in Owerri, Imo State, on Thursday, Johnson commended Governor Hope Uzodimma for his efforts to boost economic development and improve security, noting that he felt “perfectly safe” despite earlier warnings about Nigeria’s security situation.
Johnson highlighted the state government’s push to deliver 24-hour electricity, stressing that reliable power and clean, sustainable energy are essential for economic growth as the world moves into an Artificial Intelligence (AI)-driven future.
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He also emphasized the strong historical and economic ties between Nigeria and the United Kingdom, praising the exchange of goods, services, and highly skilled professionals between both countries.
In a humorous remark that sparked applause, Johnson said: “We send you former UK prime ministers, and you send us future UK prime ministers in the form of Kemi Badenoch.”
The summit, attended by Vice President Kashim Shettima, former UN Secretary-General Ban Ki-moon, business mogul Aliko Dangote, and other top government and private-sector leaders, focused on strategies to accelerate Imo State’s economic transformation.
Boris Johnson Hails Kemi Badenoch as “Future UK Prime Minister” During Visit to Nigeria
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