News
Govt may sell TBS, NIPPs, 25 key property to fund 2023 budget
The government is also planning to sell or concession all the hydro power plants across the country, including Oyan, Lower Usuma, Katsina-Ala and Giri plants.
More than 25 of such projects will be turned into active assets that will be generating money in some ways to the Federal Government.
Some of them will be offered to investors for equity while others will be totally sold to reduce waste.
The government is also eyeing revenue from Calabar and Kano free zones as well as Abuja Water Board, Aluminium Smelter Company of Nigeria, National Film Corporation, National Theatre and Lagos International Trade Fair.
The government is also planning to relinquish the ownership of some of the basin authorities and hand them over to the private sector to manage.
However, sources said they could either be sold or concesioned – depending on the preference of the core investors.
Some of the government ministries such as the postal service will be concesioned or entirely sold to the private sector to enable them to compete effectively with other privately- managed logistics firms.
It was also gathered that the Federal Government was seeking ways of enhancing the value of the Nigerian National Petroleum Corporation by listing it in the stock market to raise capital as was done the case with Saudi Aramco.
Saudi’s state-owned oil company went out to raise $25.6bn from an IPO in 2019, surpassing Alibaba’s $25bn valuation five years earlier.
The now commercial enterprise is valued between N30tn and N50tn, and the government is planning to make it a veritable source of revenue and returns for the government and the shareholders next year.
“This government may not benefit from the sale of these assets. It is a little bit late but the plan is to ensure we make all those dead assets alive. Let us cut wastes at least,” one of our sources said.
Sources further confirmed that the Federal Government will extend its tentacles to hotels and landed properties, especially those that could be described as dead capital, to raise money.
A reliable source said the government was also keen to stop payment of salaries in those government-owned assets to cut wastes and support the economy.
Plans alive
The Federal Government has mulled the sale of assets since 2016 but several issues such as vested interests, legal issues, political interference, protests and an inability to ascertain its proper value have halted the ambition.
Former Finance Minister, Kemi Adeosun, had confirmed that the Muhammadu Buhari’s regime readiness to sell the national assets to raise funds.
The former minister had said in 2016, “I think there are a number of assets that are being considered and I don’t think we’ve said this one or that one.
“There are some unused assets that are just lying idle which people have come and suggested that ‘this thing you are not using, can we lease it from you for money?’
“Hence, when they lease it from us, the taxes are still going to come to us. So, there are some things the government is sitting on, we don’t have money to do it, it makes sense for me to unlock those things. So, it brings money into the economy at these difficult times, so that we can move forward.”
By Okey Maduforo, Awka
The proposed local government elections in Anambra State may face fresh legal hurdles as 56 serving councillors have approached the court seeking an order restraining the Anambra State Independent Electoral Commission (ANSIEC) from conducting the polls.
The councillors, who filed the suit barely one month before the scheduled election, are challenging the planned exercise on the grounds that their tenure of office has not yet expired.
Recall that the Anambra State House of Assembly recently passed an amendment to the state electoral law, limiting the tenure of elected local government chairmen, deputy chairmen and councillors to two years.
In the suit, marked No. A/261/2026, the plaintiffs joined the Attorney-General of Anambra State, the Anambra State House of Assembly and ANSIEC as the first, second and third defendants respectively.
The plaintiffs are seeking, among other reliefs, a declaration that the statutory system of local government guaranteed under Section 7(1) of the 1999 Constitution, as amended, requires a secure, stable and reasonable tenure capable of promoting effective grassroots governance.
They are also asking the court to declare Section 110(A) of the Anambra State Electoral (Amendment No. 3) Law, 2024, which limits the tenure of democratically elected local government chairmen, deputy chairmen and ward councillors to two years, inconsistent with Section 7(1) of the Constitution and therefore unconstitutional, null and void.
The plaintiffs further want the court to strike down, invalidate and expunge Section 110(4) of the Anambra State Electoral (Amendment No. 3) Law, 2024, from the state’s statute books on the grounds that it is inconsistent with the 1999 Constitution, as amended.
They are also seeking an order affirming that democratically elected local government officials are entitled to a secure four-year tenure, which they contend is in line with the tenure enjoyed by elected officials at the federal and state levels.
In addition, the councillors are asking the court to issue a perpetual injunction restraining the defendants, their agents, privies or anyone acting on their behalf from dissolving, terminating or interfering with the tenure of the elected local government councils at the expiration of two years.
They are equally seeking an order restraining ANSIEC from taking any steps, publishing election timetables or conducting any elections aimed at replacing the current elected local government officials until they complete what the plaintiffs describe as their full four-year tenure.
The suit could potentially affect the planned local government elections in the state, depending on the outcome of the legal challenge.
Residents of Ihuezeofia Village in Enuogu Autonomous Community, Nkerefi, Nkanu East Local Government Area of Enugu State, have appealed to the state Governor, Barr. Dr. Peter Ndubuisi Mbah, to urgently intervene in the leadership crisis allegedly rocking the community since June 2025.
The residents, under the aegis of Ihuezeofia Village, made the appeal in a statement signed by the Chairman, Comrade Edeson John Chukwudi; Secretary-General, Prof. Kenneth Ogbodo; and a senior citizen of the village, Elder Elijah Chukwu.
They alleged that the leadership crisis had left the community divided, accusing some individuals of attempting to impose a preferred candidate as President-General (PG) of Enuogu Autonomous Community against the wishes of the people.
According to them, “Enuogu community is being held hostage by some individuals who believe that the community belongs to them and that they will choose whoever they want to be the President-General of the community against the will of the citizens because of their position in government.”
The residents also alleged that Ihuezeofia Village had been marginalised since the creation of Enuogu Autonomous Community, claiming that no government project or meaningful government presence had been established in the village.
They noted that Enuogu Autonomous Community comprises six gazetted villages, adding that five of the six villages had produced a President-General at different times, while Ihuezeofia Village had allegedly been denied its turn.
The group further raised concerns over the absence of a unified constitution for the autonomous community, despite its creation about 20 years ago.
They alleged that the traditional ruler, former Presidents-General and the current Caretaker Committee Chairman, whom they accused of presenting himself as the President-General, were operating under three different constitutions.
The residents said they had earlier petitioned Governor Mbah through DHL on April 7, 2026, with tracking number 4288534084, and that the correspondence was delivered to the Governor’s office on April 9, 2026.
They also said they had written to the Commissioner for Chieftaincy and Rural Development, Hon. Charles Egumgbe, through their lawyer, but claimed that they had yet to receive a response from either the Governor or the Commissioner.
The residents said their decision to make their concerns public was borne out of their desire for peace and their belief that using the media would help ensure that their appeal reached the state governor.
They urged Governor Mbah to urgently intervene in the crisis, ensure fairness and justice among the six gazetted villages, and help restore peace and unity in Enuogu Autonomous Community.
They also appealed to the state government to address the alleged marginalisation of Ihuezeofia Village and ensure equitable distribution of government projects and development across the autonomous community.
This is as the Chief of Staff to the President, Femi Gbajabiamila, appeared at the headquarters of the Independent Corrupt Practices and Other Related Offences Commission to testify in the ongoing investigation into the activities of the fictitious agency.
The apex bank’s admission came at the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.
Monday’s hearing revealed critical gaps in the bureaucratic processes that allowed the fictitious agency to obtain the functional perks accorded to real government agencies.
Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said the accounts, one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.
“On July 30, 2025, we received a mandate dated July 29, 2025 from the Office of the Accountant-General. We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.
He explained the CBN’s verification process, saying, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.
“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.
“The department that handles the mandate is different from the department that actually does the account opening,” he said.
Nevertheless, he noted that no one came to activate the accounts after they were opened.
“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.
“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.
“The accounts have maintained zero balance from inception to date and have never recorded any inflow or outflow,” Ibrahim said, adding that a statement of account had been attached to the committee’s records.
However, the CBN’s account directly contradicted an earlier submission by Accountant-General Shamseldeen Ogunjimi, who had claimed that no accounts were opened in the PFIPC’s name.
Also testifying before the committee, the Head of the Civil Service of the Federation, Didi Walson-Jack, said her office never allocated any space to the PFIPC.
Records available to the Office of the Head of the Civil Service, she said, showed that the office space reportedly occupied by the council at the Federal Secretariat Phase III had been officially allocated to the Office of the Secretary to the Government of the Federation, not to the fictitious council.
“There is speculation that the council occupied office space in the Federal Secretariat Phase III. We can state categorically that the Office of the Head of the Civil Service of the Federation did not allocate any office space to the council.
“The office space indicated as the council’s official address forms part of the office accommodation allocated to the Office of the Secretary to the Government of the Federation for the use of the OSGF and presidential bodies,” she said.
Walson-Jack, however, told the committee that during the 2025 Annual Manpower Budget Defence Exercise, the council submitted additional documents through one Patricia Akhigbe, including the appointment letter of its Director-General and details of its mandate, after which its request was processed alongside those of 87 other ministries, departments and agencies.
An authorised establishment for 314 positions was subsequently issued to the council, and a recruitment waiver followed days later, she explained.
Walson-Jack said Akhigbe had since been invited for questioning by the police.
She stressed that her office neither deployed staff to the council nor approved any recruitment, and urged the committee to direct further inquiries to the Office of the SGF.
In his ruling after the day’s hearing, committee chairman Gagdi asked the Secretary to the Government of the Federation, George Akume, and other top government functionaries to appear before the panel on Thursday.
He stated, “In continuation of this assignment, the secretariat should invite the SGF to appear and brief this committee on the issues raised.
“Also to appear on Thursday are the Inspector-General of Police, Minister of Foreign Affairs, Minister of Finance, the Attorney-General of the Federation and Minister of Justice as well as the Minister of Budget and National Planning.”
“Also invited are the Accountant-General of the Federation, heads of the Budget Office of the Federation, Revenue Mobilisation, Allocation and Fiscal Commission, the National Salaries, Incomes and Wages Commission.”
The Enugu East Local Government Area has screened 116 prospective candidates seeking admission into the Enugu State College of Nursing Sciences, Parklane, and the Enugu State College of Health Technology as part of efforts to strengthen the state’s future healthcare workforce.
The screening exercise, conducted under the supervision of the Enugu East Human Capital Development Trust Fund, is aimed at identifying qualified candidates for admission into the health institutions while promoting human capital development among youths in the council area.
According to the Executive Chairman of Enugu East LGA, Engr. Pst. Beloved-Dan Obi Anike, the initiative aligns with Governor Peter Mbah’s healthcare transformation agenda, which includes the construction and operationalisation of 260 Type-2 Primary Healthcare Centres across the state’s 260 political wards, alongside the upgrade of existing health facilities.
Anike said the expansion of healthcare infrastructure would require a steady supply of skilled healthcare professionals, making investment in education and training a priority.
He noted that the programme is designed to prepare young people in Enugu East to take advantage of emerging opportunities in nursing, health technology, and other allied health professions, thereby contributing to improved healthcare delivery across the state.
The council chairman commended members of the Enugu East Human Capital Development Trust Fund for conducting what he described as a transparent and credible screening exercise and encouraged the candidates to remain focused as they prepare for their entrance examinations.
He reaffirmed the council’s commitment to education, youth empowerment, and human capital development, stressing that creating opportunities for young people remains one of the most enduring legacies of government.
Three weeks after President Bola Tinubu appointed Dr. Abdulrazak Namdas as Director-General of the Border Communities Development Agency (BCDA), controversy has erupted over the delay in issuing his appointment letter, with allegations that the Secretary to the Government of the Federation (SGF), George Akume, is withholding the document.
The Presidency announced Namdas’ appointment on June 26, stating that he would replace Dr. Dakorinama George, who resigned to pursue a governorship ambition in Rivers State. The appointment was declared to have taken immediate effect.
However, Namdas has yet to assume office because the formal appointment letter has not been issued. Meanwhile, George has continued to function as the agency’s chief executive, attending official meetings and representing the BCDA at government engagements.
The development has sparked concerns over a leadership vacuum and raised questions about compliance with presidential directives.
APC chieftain Hamman Yero criticised the delay, questioning why the SGF had allegedly failed to implement the President’s decision.
“If the President directed Namdas’ appointment and the appointment letter is being withheld, then serious constitutional and administrative questions arise,” Yero said, stressing that presidential approvals should be implemented without unnecessary delays.
Despite the controversy, Presidential spokesman Bayo Onanuga insisted that President Tinubu has not reversed the appointment.
“As far as I know, the President has not changed his mind. Namdas remains the head of the agency,” Onanuga said, adding that the issuance of the appointment letter is the responsibility of the Office of the Secretary to the Government of the Federation.
Multiple sources within the BCDA alleged that George resumed control of the agency after failing to secure the APC governorship ticket in Rivers State and has continued to oversee its affairs. Claims that his continued stay is backed by political interests remain unverified.
The situation has drawn comparisons to the 2023 leadership crisis at the Nigerian Postal Service (NIPOST), where confusion over the appointment of the Postmaster-General was eventually resolved after the Presidency reaffirmed its decision.
As of the time of filing this report, the SGF’s office had not explained the delay in issuing Namdas’ appointment letter, while the Presidency maintained that the President’s directive remains in force.
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