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
Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor
Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor
Popular Nigerian cleric David Ibiyeomie, founder of Salvation Ministries, has claimed that his prayers and spiritual intervention played a pivotal role in the political rise of Nyesom Wike, currently the Minister of the Federal Capital Territory (FCT).
Speaking during a sermon at the church’s headquarters in Port Harcourt, Ibiyeomie recounted how Wike approached him during critical moments in his Rivers State governorship campaigns, appearing visibly anxious and “shaking” before both his initial election and re-election.
According to the cleric, Wike had suffered legal setbacks before his first governorship win, losing in the High Court, Appeal Court, and facing an unfavorable Supreme Court ruling. Ibiyeomie said he reassured Wike, stating that God would intervene and even claimed to command a reversal of any adverse judgment.
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“I called him while I was in Israel; he was shaking but I told him not to fear,” the pastor said. “I told him that God will step in, and he said ‘Papa, I believe you.’ After our Five Nights of Glory program, Wike walked up to me, and the judgment was to be announced on Friday. Even though he had no money at that time, the situation turned in his favour, and he later acknowledged, ‘Papa, I knew this is God.’”
Ibiyeomie also described similar circumstances during Wike’s second term campaign, asserting that political forces were attempting to block his re-election. The pastor said he again prayed and made a covenant with God, dedicating millions spiritually on Wike’s behalf, which he credited for Wike’s eventual victory.
The cleric’s revelations have sparked conversations about the influence of religious leaders in Nigerian politics, particularly in swaying outcomes through spiritual support. Wike, a two-term governor of Rivers State from 2015 to 2023 under the Peoples Democratic Party (PDP), has long been a controversial yet influential figure, and his political trajectory continues to attract national attention.
Ibiyeomie’s claims, widely shared in a viral video, underscore the ongoing debate over the intersection of faith and politics in Nigeria, highlighting how some clerics play prominent roles in political campaigns.
Pastor Says Divine Prayers Helped Nyesom Wike Win Two Terms as Rivers Governor
News
Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy
Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy
Iran has expressed its readiness to support Nigeria in the fight against terrorism, rejecting recent allegations that Tehran sponsors extremist movements in West Africa. The offer was made by Gholamreza Mahdavi Raja, Iran’s ambassador to Nigeria, during an interview on Arise Television in Abuja.
Raja emphasised that Islamic groups in Nigeria maintain only spiritual and cultural links with Iran and do not have political or operational ties. He highlighted that recent rallies and mourning events organised by Shi’ite groups in Nigeria were expressions of grief following the death of Iran’s former supreme leader, Ali Khamenei, and not evidence of Iranian sponsorship.
The ambassador’s remarks came after Israeli Ambassador Michael Freeman accused Iran of backing Islamic movements in Nigeria and across West Africa to spread terrorism globally. Freeman cited concerns over Iran’s ballistic missile and nuclear programmes, claiming Nigeria has been affected by terrorism allegedly linked to Tehran.
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Responding to these claims, Raja called the accusations unfounded and politically motivated, stressing that Iran itself has been a victim of terrorism and has consistently condemned attacks worldwide. “We are ready to share our counterterrorism experience and assist countries like Nigeria that face extremist threats,” he said, noting Nigeria’s ongoing challenges with groups such as Boko Haram and the Islamic State West Africa Province (ISWAP).
Raja also underscored the importance of multilateral cooperation in tackling terrorism, adding that Iran is willing to work with Nigerian authorities to enhance security measures, protect citizens, and strengthen responses to insurgent violence.
The Iranian envoy’s statement aligns with the position of the Islamic Movement of Nigeria (IMN), which dismissed claims of Iranian backing as misleading and politically motivated. The controversy follows recent protests by IMN members across several Nigerian states in response to the strikes on Tehran carried out by the United States and Israel.
Iran’s offer of support comes at a time when Nigeria continues to grapple with rising insecurity, including repeated attacks by insurgent groups that have displaced communities and posed significant challenges to national security. Raja stressed that sharing Iran’s experience could help Nigeria address terrorism more effectively while highlighting the importance of moral and spiritual solidarity among Muslim communities.
Iran Ready to Help Nigeria Combat Boko Haram, ISWAP — Envoy
News
FG Resolves OPL 245 Dispute, Says Move Will Boost Nigeria’s Economy
FG Resolves OPL 245 Dispute, Says Move Will Boost Nigeria’s Economy
The Federal Government has announced the resolution of the long-running dispute over Oil Prospecting Licence (OPL) 245, describing the development as a major step toward strengthening Nigeria’s economy and restoring investor confidence in the country’s oil and gas sector.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, disclosed this after the signing of a legal agreement in Abuja that effectively ends more than two decades of litigation and international arbitration over the controversial oil block.
According to him, the settlement was reached between the Federal Government and energy companies Eni and Nigerian Agip Exploration Limited.
Fagbemi said resolving the dispute would reposition the country’s economy and strengthen the Federal Government’s fiscal capacity.
He attributed the breakthrough to the leadership of President Bola Ahmed Tinubu, noting that the president had directed early in his administration that all outstanding disputes over the oil block be resolved amicably in the best interest of Nigerians.
“The agreement marks a turning point for Nigeria’s oil and gas sector after more than two decades of legal battles and international arbitration,” the Attorney-General said.
He explained that the settlement will culminate in a Consent Arbitral Award, bringing final closure to the dispute and helping restore Nigeria’s reputation as a credible partner in global business and investment.
Fagbemi noted that the resolution would remove long-standing legal and fiscal uncertainties that previously hindered the development of the oil block.
According to him, the development is expected to attract large-scale investment into the sector, create employment opportunities, and reinforce Nigeria’s position as one of Africa’s leading energy producers.
He also stated that anticipated revenues from the oil asset can now be incorporated into the country’s medium-term fiscal framework, which would support budget stability, long-term economic planning, and debt sustainability.
The Attorney-General further said resolving the dispute through negotiation rather than prolonged arbitration reflects Nigeria’s commitment to alternative dispute resolution and strengthens the country’s credibility in international commercial and arbitration circles.
“This settlement sends a clear signal to the global community that Nigeria is open for business and committed to fairness and respect for contractual obligations,” he said.
Fagbemi also commended several institutions that played key roles in the resolution process, including the Ministry of Petroleum Resources, the Nigerian Upstream Petroleum Regulatory Commission, the Nigerian National Petroleum Company Limited, and the Economic and Financial Crimes Commission, as well as international partners involved in the agreement.
He described the settlement as a triumph of dialogue over conflict and national interest over narrow considerations.
“With this agreement, Nigeria can now move forward with confidence, ensuring that the development of OPL 245 becomes a source of prosperity for the nation and future generations,” Fagbemi added.
The State House press statement announcing the development was signed by presidential spokesman Bayo Onanuga on Sunday in Abuja.
FG Resolves OPL 245 Dispute, Says Move Will Boost Nigeria’s Economy
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