Finance

Nigeria plans to privatize 19 public companies this year for $754.3mln

Friday, 20 March 2020 14:07
Nigeria plans to privatize 19 public companies this year for $754.3mln

(Ecofin Agency) - The federal government of Nigeria plans to privatize 19 state-controlled companies this year, according to information provided by S&P Capital IQ, which cites the Bureau of Public Enterprises. The operation would allow the state to mobilize up to 266.7 billion naira ($724.3 million) in net revenues.

Companies to be privatized include the Bank of Agriculture and Nigeria Reinsurance Company. The first was due for privatization last year and the second since 2018. The government planned to sell 40% of Bank of Agriculture, keep 20% while the rest of the shares is to be held by the central bank of Nigeria.

For the reinsurance company, a public offering or solicitation of an association of insurers can be expected. The way transactions would be carried out has not yet been presented but local media suggest that there will be a mix of capital openings via the stock exchange, as well as through private placements.

The measure will allow the government to control its budget deficit and maintain confidence in the financial sector, especially the banks and insurance companies that are exposed to the deficit because they hold bonds issued by the Treasury. The coronavirus crisis and the oil price slump have exacerbated the country's macroeconomic fragility.

Idriss Linge



 
Telecom


 
Public Management


Ecofin Agency covers the news from 9 business sectors in Africa: Public management, Finance, ICT, Agribusiness, Electricity, Mining, Oil and Gas, Comms and Laws. Ecofin Agency is also creating and management specialized medias, in paper and on the web/social networks, for institutions or African publishers.

AGENCE ECOFIN

Mediamania Sarl
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11

REDACTION
redaction@agenceecofin.com

Public management
Aaron AKINOCHO
Borgia KOBRI
Moutiou ADJIBI

Finance
Idriss LINGE
Walid KEFI
Chamberline MOKO

Agribusiness
Espoir OLODO

Electricity
Gwladys JOHNSON

Oil and Gas
Olivier DE SOUZA

Mining
Louis-Nino KANSOUN

ITC 
Muriel EDJO

Comms
Servan AHOUGNON

Cameroon
Brice R. MBODIAM
Sylvain ANDZONGO
Monique MAY
Julienne Rose SENDE

Togo
Fiacre E. KAKPO
Waliyullah TAJUDEEN
Séna AKODA

Niger
Sandrine GAINGNE

Gabon
Stephane BILLE
Pierre-Celestin ATANGANA

Desk
Stéphane ALIDJINOU
Souha TOURE
Vahid CODJIA
Diane ZODEHOUGAN
Hikmatu BILALI

Translation
Schadrac AKINOCHO
Mouka MEZONLIN
Firmine AÏZAN



Digital
Omar SOKHNA
Mamadou DIOP
Bacary MANE
Abdel Razak MOULIOM

Digital Marketing
Jérémie FLAUX
Geraud ACHI
Jean Christian BERNARD
Franck FOUTE

Web publishing
Bakoly RAHARISOA
Rina RAMANANDRAISOA
Hasina RAJEMISON

Development
Dominique FLAUX

 


 
REGIE COMMERCIALE
AGENCE ECOFIN
Rue du Léman, 6
1201 Genève
Tél: +41 22 301 96 11
Fax: +41 22 301 96 10

Benjamin FLAUX
bf@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72

Voir page 
Nos services
 

 










 



Ecofin Agency is a news agency for economic and sectorial information. It was created in 2010 and it website was launched in June 2011.

Please publish modules in offcanvas position.