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Heirs Holdings, Transcorp Plc Acquire 45% of OML 17 from Shell, Total and ENI

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Let me congratulate the Big Boss for his successive wins over the last few months. Nations rise when pioneering entrepreneurs emerge. This week, Mr. Tony Elumelu, Transcorp Plc, and Heirs Holdings  added new gbozas:

  • Acquires 45% of OML 17 from Shell, Total and ENI
  • Existing Production Capacity of 27,000 barrels of oil equivalent per day Estimated 2P Reserves of 1.2 billion barrels of oil equivalent
  • Estimated Additional 1 billion barrels of oil equivalent of further exploration potential

More than a decade ago, I put small money I got on a scholarship into the IPO of Transcorp Plc when then President Obasanjo seeded it. Hopefully, this new deal will become a major inflection point for the Nigeria’s largest publicly listed conglomerate.

Why not, if Transcorp becomes bigger than Tesla, I can then qualify for a chieftaincy title in the village! I like this title “Gburugburu 1 of Africa” [the roundness of Africa #1]. Sure, my Scripture Union secondary school leader may not like that – and that may kill the deal after Transcorp overtakes Tesla!

Congrats builders – that is how we will fix this continent when local firms begin to buy assets from Shell, ENI, and Total.

Mr. Tony Elumelu

Full Press Release below

Heirs Holdings (“HH”) (www.HeirsHoldings.com), the leading African strategic investor, in partnership with affiliated company Transnational Corporation of Nigeria Plc (“Transcorp”) (https://TranscorpNigeria.com), Nigeria’s largest publicly listed conglomerate, announced today the unconditional acquisition of a 45% participating interest in Nigerian oil licence OML 17 and related assets, through TNOG Oil and Gas Limited (a related company of Heirs Holdings and Transcorp) (http://TNOG.HeirsHoldings.com), from the Shell Petroleum Development Company of Nigeria Limited, Total E&P Nigeria Limited and ENI. In addition, TNOG Oil and Gas Limited will have sole operatorship of the asset.

The transaction is one of the largest oil and gas financings in Africa in more than a decade, with a financing component of US$1.1 billion, provided by a consortium of global and regional banks and investors. OML 17 has a current production capacity of 27,000 barrels of oil equivalent per day and, according to our estimates, 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential.

The investment demonstrates a further important advance in the execution of Heirs Holdings’ integrated energy strategy and the Group’s commitment to Africa’s development, through long term investments that create economic prosperity and social wealth. Heirs Holdings’ heritage and approach to business fundamentally underscores its commitment to inclusive development and shared prosperity with its host communities. Heirs Holdings is fully invested in the development of the Niger Delta region.

Heirs Holdings’ strategy of creating the leading integrated energy business in Africa is executed through a series of strategic portfolio holdings. Transcorp is one of the largest power producers in Nigeria, with 2,000 MW of installed capacity, through ownership of Transcorp Power Plant (https://TranscorpPower.com) and the recent acquisition of Afam Power Plc and Afam Three Fast Power Limited. Transcorp closed the US$300 million Afam acquisitions in November 2020.  Transcorp supplies electricity to the Republic of Benin, as part of an emphasis on promoting regional integration and delivering robust power supply to catalyse development in Africa. Transcorp also operates OPL281, under a production sharing contract with the Nigerian National Petroleum Corporation (“NNPC”). Similarly, Heirs Holdings’ subsidiary, Tenoil is the operator of OPL 2008, under a production sharing contract with NNPC. Tenoil also owns the Ata Marginal Field, which will commence production in Q2, 2021, with 3,500 barrels of oil per day.

Chairman of Heirs Holdings, Tony Elumelu stated: “We have a very clear vision: creating Africa’s first integrated energy multinational, a global quality business, uniquely focused on Africa and Africa’s energy needs. The acquisition of such a high-quality asset, with significant potential for further growth, is a strong statement of our confidence in Nigeria, the Nigerian oil and gas sector and a tribute to the extremely high-quality management team that we have assembled. As a Nigerian, and more particularly an indigene of the Niger Delta region, I understand well our responsibilities that come with stewardship of the asset, our engagement with communities and the strategic importance of the oil and gas sector in Nigeria.  We see significant benefits from integrating our production, with our ability to power Nigeria, through Transcorp, and deliver value across the energy value chain.”

Speaking further, he said “I would like to thank Shell, Total and ENI, for the professionalism of the process, the Federal Government of Nigeria, the Ministry of Petroleum Resources, and the NNPC for the confidence they have placed in us.”

Speaking on the investment, the President/GCEO of Transcorp, Owen Omogiafo, said “This deal further demonstrates Transcorp’s integrated energy strategy and our determination to power Africa.”

Heirs Holdings was advised by Standard Chartered Plc, as Global Coordinator, and United Capital Plc (https://www.UnitedCapitalplcGroup.com), with a syndicate of lending institutions including Afreximbank, ABSA, Africa Finance Corporation, Union Bank of Nigeria, Hybrid Capital, and global asset management firm Amundi. The deal also involves Schlumberger as a technical partner, as well as the trading arm of Shell as an offtaker.

Heirs Holdings has created one of Africa’s largest, indigenous owned, oil and gas businesses, headquartered in Lagos, Nigeria and led by a board and management team with significant regional and global experience in production, exploration, and value creation in the resources sector. The HH Group is committed to the highest standards of safety, health, and community relations, together with best practice in governance and accountability.

The Role of Mentors and Networks in Building Academic Communities in Africa – Prof. Saheed Aderinto

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Saheed Aderinto is a US based Nigerian academic. He is a Professor of History at the Western Carolina University. This piece is his speech at the inaugural Pius Adesanmi Webinar Series held on Friday 15 January, 2021.

 

I am honored to be invited to speak at this inaugural Pius Adesanmi Webinar Series. During his lifetime, Adesanmi committed significant energy to mentoring up-and-coming scholars through academic networks in North America and Africa. He wrote thought-provoking articles and spoke truth to power. He was intellectually brave, not a coward. Any project honoring his legacy must follow his footstep.

My speech will insert suggestions on what should be the role of mentors and academic networks and communities into the structural problems that militate against quality knowledge production in Africa. The common manual for building academic networks prescribes attending seminars and conferences, contacting scholars, and publishing in areas of specialization. But, research has shown that many factors, including but not limited to gender, race, location, funding, and even ethnicity and religion make it difficult for up-and-coming scholars to build their own network all by themselves. Effective networking is also about personality, which varies from individual to individual. We always expect scholars to network, but we rarely reflect on the difficulty they encounter in doing so. Networking, like everything else, is not a level playing field.

This is where senior scholars, working through associations and networks, must come in. An ideal network must provide a conducive environment for early career scholars to learn from senior scholars without feeling intimidated or entrapped. A space where senior scholars could give back and invest intellectually in budding scholars, without feeling entitled to anything from them. A serious academic community building must correct the imbalance in the distribution of opportunities for professional development. It must work to close achievement gaps between scholars. African studies needs a community of deep thinkers that is inclusive and that allows respectful intergenerational relationship around issues of mutual importance. Senior scholars must not invest in themselves or activities that directly enhance their status alone, but in academic networks that improve the professional development of the larger community. Institutions are stronger when their ideals go beyond the personal, the individual, self-legacy building.  Rather, we need reading groups and clusters that are connected to the main grid of global knowledge production. We need regular departmental seminars, where scholars present their work-in-progress. A non-combative departmental seminar where ideas, not references and citation styles and punctuation marks, are debated.

Building an academic community around senior scholars, journal editors, book series editors, and research grant awarding institutions whose work represents the highest level of originality and integrity is not enough to create a space for junior scholars to grow. We need to address such important matters as conference registration and membership fees. Many junior academics in Africa are unable to present at conferences organized on their campuses because they cannot afford registration fees. Deliberations about how, what, and where conference attendees would eat should be as important as the quality of the conference programs. We all know that networking does not happen during panel discussions but at hotel lobbies, and during meals and informal gatherings. By providing food onsite, panel conversations would continue and assume new life during mealtime, thus elongating the physical contact needed to build professional networks. Even the most introverted academics would find their voices in such spaces. With the current exchange rate of the Naira, an early career Nigerian academic attending a self-sponsored conference in New York would think twice before buying a burger, if the organizer fails to provide food. The time spent looking for affordable food and commuting from affordable hotels (because the conference hotel is too expensive) is a wasted networking time.

The problem of intellectual community building in Africa is not the lack of intellectuals, but the paucity of intellectual leadership capable of driving sustainable mentorship projects through new and existing networks. Academic associations must be more than conference organizers; they must have a clear and consistent agenda for professional development of junior academics. Conferences must include seminars on teaching pedagogy, journal and book writing, network building, and work-life balance. A ninety-minute preconference session on how to avoid plagiarism is more valuable to an amateur scholar than listening to four poorly researched and thoughtless papers at a conference. Professional development workshops would have limited impact if there is no avenue for follow-ups, which could be done through emails and social media, where members share career news, new publications, and opportunities. Similarly, academic associations must acknowledge inequalities, among other structural problems within their field, and work to address them. A strong academic network is not the one without the problems of unfairness caused by location, race, gender, and access to resources; rather, it is the one that recognizes the need to mend these gaps because of a shared goal of promoting best practices in knowledge production and dissemination. Intellectual activism should be an integral part of intellectual community building.

I agree with the Council for the Development of Social Science Research Africa (CODESRIA) that academic journal publishing by Africa-based scholars have increased tremendously in the past two decades. Thanks to the internet, virtual library, and information technology, African graduate students and junior academics today can conduct research faster than their 20th century predecessors. Paradoxically, this new development did not translate to quality research output because of plagiarism, bad writing, and poor research skills. For me, African studies doesn’t need more books and journal articles, but books and journal articles with more originality, more creativity, and more rigor. We need to open new archives, properly secure existing ones, and work with archivists to establish a mutually beneficial relationship.

The problem of knowledge production in Africa is not the lack of original data, but inadequate training to see data in everything and everywhere. Edited volumes and syntheses have their own merits, if properly executed; but they are not the future of African knowledge production. The future is in rigorously researched monographs and journal articles, new archeological discoveries, clever literary works, jaw-dropping art and art exhibitions, and path-breaking documentaries and films, among other modes of knowledge production and dissemination. A lot of the scholarship coming out of Africa are substandard, not because of a dearth of brilliant minds, but a skewed conception of academic progress and global intellectual visibility, promoted by some senior scholars in Africa and the diaspora—in addition to other structural problems like funding. Not all international publications would give Africa-based scholars global intellectual visibility. Creativity, originality, rigor of writing and research, integrity and thoroughness of peer review, as well as outlet, all matter.

Today, most of the universities established before the 21st century have alumni scholars, working in universities across the world. Academic alumni lectures, seminars, and professional development series should be built into the core curriculum of each department. They shouldn’t be a one-time event that is more about the invited guest than about the institution and their students. Departments can leverage on the proliferation of virtual lectures due to the COVID-19 pandemic to invite former students to classes. Mobilizing alumni to improve curriculum development is not rocket science, if the will to do it exists. An average alumnus would like to give back, regardless of their experience during their school days, if they are given the opportunity. If people in the business and corporate world can create powerful alumni networks for professional development, there is no reason each department cannot build sustainable academic relationship with their alumni across the world. Human and inter-personal differences, which inhibit alumni-centered academic networks have an expiry date, but institutions can exist forever. Therefore, institution-building must take precedence over individual differences.

The problem of mentorship is not the lack of mentors, but the fewness of mentors who focus on improving the writing, thinking, and research skills of their mentees—beyond being doctoral supervisors who want graduate students just for academic wardship. Academic mentorship is not synonymous with academic wardship. Doctoral supervisors don’t automatically become mentors if their present and past students are deprived of intellectual independence, rigorous training, and academic integrity. Real mentors would teach their mentees to depend on them to the extent that they can do without them. The enemy of African knowledge production is greedy mentorship legitimized as “normal” and “appropriate” because established scholars do it.

To worsen predacious mentorship, many universities insist that graduate students must publish chapters of their doctoral thesis with their supervisors as a condition for graduation. This commodification of mentorship has deprived many brilliant young minds the opportunity to own their own ideas and secure intellectual visibility. The fact that something is approved by university authorities does not mean it is right. Instead of making regulations that favor cannibalizing graduate students’ doctoral thesis, even before they are defended, universities should promote advanced digital academic communities that allow graduate students to share their work-in-progress. Academic WhatsApp groups and social media platforms, in addition to sharing academic resources, should focus on building dialectic and critical thinking than debating pedestrian, common-place matters that don’t merit the time of any serious intellectual.

True mentoring is a selfless job, for which a genuine mentor should expect nothing in return other than—Thank You! If selective kindness is not kindness, selective mentorship cannot be mentorship. Mentors who are nice to some people and mean to those who refuse to venerate them, or be exploited by them, are not mentors, but tormentors. A mentor who makes co-authoring the only condition for mentorship is not a mentor, but a greedy academic. A true mentor would help their mentees to claim a space in the galaxy of ideas—rightfully, ethically, respectfully, and honorably. Because the mentee of today is the mentor of tomorrow, training on how to be a good mentor should be part of professional development. Indeed, mentoring has some practical components that can be taught to all scholars, regardless of academic rank. Mentoring is also art. The best mentors combine the practical with the artistic.

Africa-based junior scholars don’t need anyone to help them publish—in the worst-case scenario, they can always publish in vanity journals or in edited volumes that belong nowhere but the trash can. What they need is serious discussion about their role as knowledge producers, a guide on how to write well, conduct rigorous research, mine compact data, read sources beyond the obvious, hone their contribution within extant literature, and engage with ideas that straddle multiple discursive frames. There is no component of professional development that is not teachable. For me, if the process is truly rigorous, the outcome would not only be good, but can be replicated, many times, independently. So, I encourage my mentees to focus on the process, not on the outcome.

Improved facilities, funding for research, and salary increase alone won’t solve the crisis confronting university education in Africa. Mentee-to-mentor ratio must reduce. A new cultural awakening about mentorship is required. The university system itself needs a rebirth to create a space where junior scholars are protected from hazing and bullying from their senior counterparts. A space where everyone is respected regardless of whether they have a PhD or are professors or not. The system needs to create spaces where hazing is not dressed in gerontocratic and professorial garments. A democratic approach to intellectual community building that allows everyone, regardless of gender, age, location, to voice their perspective without any fear of retribution is fundamental. The villain should never be made the victim. To truncate the channels that reproduce intellectual servitude and hazing, early career scholars need role models who derive their legitimacy from upholding academic integrity and from being kind-hearted top-notch researchers, not from academic titles and ranks alone.

If it is hard to build serious academic networks and secure non-predatory and committed mentors, it is harder to sustain them. For academic mentorship and network building to stand the test of time at the institutional level, they must be motivated by a desire to institutionalize something new and creative, not an agenda to make a short-lived administrative statement. Some mentorship and academic network projects died, even before they were born; they became stillborn because they were built around specific university administration, rather than implanted into the academic culture of the university. Hence, I would recommend that mentorship projects extend beyond an individual’s or an administration’s idea to an institutionalized one, with a clear path for growth, sustenance, and prosperity.

I don’t claim that some individuals, associations, and institutions have not been thinking and acting along the suggestions outlined above. The conversation about what exactly should be the role of mentors in professional development in Africa and the diaspora should be an unending one. Whenever we have this conversation, we should refuse to cave in to intimidation from people and institutions who perpetrate violent exploitation of mentees under the ruse of mentoring. The conversation is bigger than an individual or any particular institution of higher learning. The matter, like the one on sexual harassment in higher education, shouldn’t be trivialized by pseudo-intellectual, uncritical, sheep-following narratives. We shouldn’t succumb to the language of intellectual servitude deployed by individuals who have substituted critical thinking for academic patronage—the greatest threat to originality, creativity, and integrity. A scholar doesn’t mature by being complacent, but by being intellectually independent, outspoken, and selflessly investing in others. It is inappropriate to view genuine criticism as an act of “disrespect” or “ingratitude,” but as the oil that lubricates the wheel of intellectual progress.

Biases and Stereotypes Against Female Managers

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Research has revealed that, despite the good natural qualities and finesse possessed by women, many people do not want them as bosses and superiors. The amazing thing here is many women have reported preferring male bosses to female ones. Cases of people resigning because they were reprimanded or criticised by their female bosses have also been reported. It is common knowledge that the instructions of female superiors and bosses, including that of female CEOs, are usually ignored by their subordinates, especially the males. Research has revealed that people do not prefer female managers because of societal biases against them as well as the bad ways they treat their subordinates.

Reasons Female Bosses are Not Preferred
Research has shown that the attitudes of female managers put off their subordinates. According to a survey conducted by and published in Forbes to ascertain people’s preferences regarding the gender of their superiors, out of the 25 respondents, all females, that participated in the survey, 19 preferred male managers. The reasons provided by these respondents revealed that many female managers are academically qualified; however, their attitudes towards their subordinates were nothing to write home about.

Further, another survey conducted by Rajeshwari Ogirala shows there are biases against women’s abilities to take up and handle leadership positions. Some of these biases are unfounded and stereotyped but they must have contributed to the small number of women found in managerial positions. Getting rid of these biases might be difficult because they have been around for ages and are still strongly believed by many.

Biases against Female Managers
According to the survey conducted by Ogirala, both male and female employees believe women are naturally incompetent to handle managerial positions. This survey reveals that people assume women suffer from “analysis-paralysis”, have lesser ideas, are unapproachable, attack their subordinates (especially the female ones), and show partiality towards their female colleagues. It is also believed that family demands and ties prevent women from performing their managerial duties efficiently. Of course, the respondents must have stereotyped their ideas concerning their female bosses because not all female bosses are the way they described. Further, the descriptions given above could match that of many male bosses but people hardly talk about them. The problem with this stereotype is female bosses might need to work extra hard to prove they are different and capable.

Also, a survey conducted by Martin Abel reveals that both male and female employees do not react to criticisms from female superiors the same way they do with those from male bosses. While they cordially accept those from male superiors, they frown, deeply, when female bosses correct them. Though the reason for the differences is unclear, it is believed that it is as a result of the assumption that women do not belong to the career world but to the kitchen. The survey revealed that men are regarded as the rightful owners of managerial thrones. Hence, female managers are seen as intruders, who occupy positions meant for men.

Reported Negative Attitudes of Female Managers
According to Forbes, many women prefer male bosses to their female counterparts because of their sad experiences with female managers. Among the reasons given are women’s inclinations towards engaging in “catfights”, allowing their emotions to get the best of them, “conniving and backstabbing while giving you a nice-nasty smile”, feeling threatened by their subordinates and colleagues (especially the female ones), and being high-handed (sometimes) because of low self-esteem. It is revealed that because female managers compete with their female subordinates, they do not mentor or support them. It is also made known that female managers create a gulf between them and their subordinates, which makes them unapproachable. Of course, when a boss makes her subordinates uncomfortable around her, they are bound to brand her negatively.

Are Female Bosses Truly Bad?
As implied earlier, some of the reasons for negatively branding female managers are stereotypes. This is simply because both male and female managers have been found guilty of the mentioned attitudes. Apart from that, many of them are unfounded. It is also possible that employees look out for what does not exist in their female bosses or assume the worst of them because of popular opinion. But one certain thing here is because the society is yet to get used to seeing women, who were supposed to be domesticated, taking up leadership positions reserved for men, it is reacting in whatever way it could to stall the changes. This is not to say female bosses should not evaluate themselves and work on their managerial skills or make appropriate changes, but they should not be held liable for ‘crimes’ committed by male as well as female managers. More women should be encouraged to take up the mantle of leadership in their various careers because leadership is not destined for any gender in particular.

WhatsApp New Policy Could be the End of India’s WhatsApp Pay

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The blowback following WhatsApp updated user-policy has become a threat that may not only reduce its user-base unprecedentedly but also kill the potential of the messaging app’s digital payment – WhatsApp Pay.

On January 4, the chat messaging app announced that the new policy will require collecting some private information for ad and marketing purposes, and any user who declines to provide the information will not be able to create an account.

“You must provide your mobile phone number and basic information (including a profile name of your choice) to create a WhatsApp account. If you don’t provide us with this information, you will not be able to create an account to use our Services. You can add other information to your account, such as a profile picture and “about” information,” the new policy says.

The policy is geared toward collecting user information for targeted ads by WhatsApp’s parent company, Facebook. Ever since it was announced, there has been a mass exodus of WhatsApp users to other instant messaging apps – Telegram and Signal. The exodus which was fueled by the recent decision of social media platforms to ban US president Donald Trump, and misinformation that WhatsApp is reading and sharing users’ messages with Facebook has become a global movement.

On Tuesday, Dubai-based Telegram said it added 25 million users in three days, pushing its users to over 500 million. Silicon Valley-based Signal added nearly 1.3 million users on Monday; a surge that eclipsed its 50,000 downloads a day last year.

Facebook founder and properties

While more bigwigs in North and South America are throwing their weight behind the “quit WhatsApp” movement, it is in India that Facebook will likely have major problem.

In November, the Indian government announced the approval of WhatsApp Pay, a product Facebook has tried to launch in Brazil, but was met with government’s resistance. With its push to enter the payment market, the approval was the blessing Facebook needed, considering India’s market size.

More than 400 million people use WhatsApp in India than anywhere else in the world, an advantage Facebook is counting on to disrupt the market where Google Pay, Walmart’s PhonePe and Alibaba’s backed Paytm are already dominating.

Last year, Facebook invested $5.7 billion in the digital unit of Reliance, an oil-to-tech Indian conglomerate on a digital transformation mission in India. The success of a huge part of the investment depends on a large number of WhatsApp users accepting and using WhatsApp Pay.

WhatsApp is expected to move into payment, etc

While the new WhatsApp privacy policy doesn’t cover its payment services, it has not stopped the concern about the news generated in India. Internet research firm TopVPN said Signal has become the most downloaded free app in India on both Apple’s iOS and Google’s Android.

Signal downloads rose to 7,100,000 between Jan. 5 and Jan. 12, from about 15,000 earlier, and Telegram downloads surged 40% while WhatsApp downloads tumbled 30% within the period, according to data from analytics firm Sensor Tower.

Although WhatsApp has gone on an ad campaign to discredit the misconception that it reads and shares users’ messages with Facebook, it has done little to quell the exodus.

On Thursday, a lawsuit was instituted against WhatsApp over the new privacy policy in New Delhi High Court. The petition said WhatsApp was jeopardizing national security by sharing, transmitting and storing user data in another country with the information thus governed by foreign laws.

The petition said the Feb. 8 WhatsApp has given users to agree to its new terms has “made a mockery of our fundamental rights to privacy.”

“This type of arbitrary behavior and browbeating cannot be accepted in a democracy and is completely ‘ultra vires’ (beyond its powers) and against the fundamental rights as enshrined in the Constitution of India,” the petition added.

As the backlash escalates, WhatsApp rivals are hinging on it to push forward.

“Here in India WhatsApp/Facebook are abusing their monopoly and taking away millions of users’ privacy for granted,” Vijay Shekhar Sharma, chief executive of Paytm tweeted. “We should move on to @Signalapp Now. It is up to us to become victim or reject such moves.”

Bipin Preet Singh, CEO of MobiKwik, another digital payment firm in India told Reuters that he has decided to shift business communication from WhatsApp to Signal and Google.

“I’m making myself unavailable on WhatsApp and I’ve advised senior executives to do the same,” he said.

With the outrage gaining momentum in India, Facebook’s big bet on the market as a vehicle to spur WhatsApp Pay might have just hit a rock.

The Nigeria’s BIG Yard Sales

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Nigerian past and present rulers

Nigeria wants to sell  or lease some non-oil assets to fund the 2021 budget. This should not be surprising as I noted that by 2025, Nigeria will sell some university campuses to fund its bloated budgets.

The federal government has confirmed it plans to sell off some non-oil assets of the Federation to fund the 2021 budget. Finance Minister, Zainab Ahmed, made this known to stakeholders in a budget presentation made in Abuja this week.

The document of the presentation, titled, ‘Public Presentation of 2021 FGN Approved Budget – Breakdown and Highlights’ dated Jan. 12 was obtained by Premium Times.

[..]

Government’s recent move to borrow funds from unclaimed dividends and dormant bank accounts also underscores its search for sources to borrow from. Ms. Ahmed said that the government is targeting about N850 billion from unclaimed dividends and dormant bank deposits.

Government’s plan to sell and lease assets comes at a time when its habit of borrowing to fund the budget has been repeatedly condemned.

The document said the government intends to fund the budget by selling and concessioning government-owned properties and non-oil assets.

Although the document does not specify the assets the government is considering to sell, Premium Times report noted an earlier event indicating some of the assets.

The fact is this: Nigeria is a poorly run entity and I am not saying this because I have better ideas. I am simply reporting a statement of facts. When the cost of your capital is 60% of your revenue, your future as an entity is not certain.

debt service ratio
Nigeria data

Nigeria can sell everything, collect pension funds, borrow dividend funds, pick dormant bank balances, tax remittance, etc, but the outlook will not change until it reforms its economic architecture. We have no incentives for intra-competition across state lines and we do not reward hard work in the ways we compensate states. So, at the end, everyone is doing siddon-look with no inventiveness.

People, it is a big yard sale – and everything is discounted. Check here and see if some items will appeal to you.

Comment from LinkedIn Feed

Nigerian 2021 Budget (N13.58 trn) – Deficit, Financing and Critical Ratios

President Muhammadu Buhari had on December 31, 2020, signed the N13.58 trillion budget for the 2021 fiscal year – about N505 billion higher than the budget proposed in October, 2020.

In the approved budget, about N496.5 billion was approved for statutory transfers and N3.3 trillion was approved for debt services. The recurrent expenditure was put at N5.6 trillion with capital expenditure at N4.1 trillion and fiscal deficit at N5.2 trillion (5,196,007,992,292).

The overall budget deficit is N5.60trn for 2021, which represents 3.93% of the country’s GDP, and it’s to be financed mainly by borrowings:
-Domestic sources – N2.34trn
-Foreign sources – N2.34trn
-Multi-lateral/bi-lateral loan drowdowns- N709.69bn
-Privatisation proceeds – N205.15bn

With about N7.97 trillion is available to fund the 2021 budget as stated by the finance minister

Nigerian Government Confirms Plan to Sell/Lease National Assets to Fund 2021 Budget