Between 1999 and 2007, President Olusegun Obasanjo president . The VP Atiku Abubakar as Chairman of the National Council on Privatisation) and Nasir El-Rufai (DG, Bureau of Public Enterprises – BPE) sold or concessioned over 150 strategic national assets. Many were undervalued, sold to allies, or secretly stripped of properties across all 36 states and abroad. The process destroyed Nigeria’s economic foundation and transferred national wealth to a few powerful individuals.
MAJOR ASSETS SOLD OR STRIPPED
1. NITEL / MTEL
Nigeria’s only telecom backbone, with exchanges, buildings, satellites, undersea cable shares, and properties in EVERY state and abroad.
Stripped asset-by-asset.
Failed sales: Investors International London (2001), Orascom (2003).
2004: Handed to Pentascope (bankrupted it).
2006: Sold to Transcorp, where Obasanjo held 2 million shares while still president.
2. DAILY TIMES OF NIGERIA PLC
National newspaper with massive land and buildings in Lagos, Abuja, Kaduna, Enugu, Onitsha , Kano, Port Harcourt, and even London.
2004: Sold to Folio Communications.
Folio immediately sold the properties, not the newspaper.
THIS WAS PURE ASSET STRIPPING.
3. NICON GROUP (Hotels, Insurance, Properties Abroad)
NICON Hilton Abuja (now Transcorp Hilton).
NICON Noga Hilton Lagos.
NICON Insurance + massive real estate, hotels in London and foreign investments.
2005: Sold to Transcorp and allies.
Assets were broken up, sold piecemeal.
4. FEDERAL SECRETARIAT, IKOYI (Prime real estate in Lagos)
Given to a private developer for luxury flats.
Court cases followed due to insider dealings.
5. 1004 FLATS, V.I. LAGOS
Luxury estate for federal officials.
2004: Sold to UPDC consortium, price far below market.
6. FEDERAL GOVERNMENT HOTELS
Nicon Hilton → Transcorp.
Le Méridien Hotel (Abuja).
Sheraton Hotels (Lagos/Abuja) – partial concessions.
Some Lagos and Abuja hotels sold to Jimoh Ibrahim.
7. LAGOS TRADE FAIR COMPLEX
Sold/Concessioned to Chinese Company (CECZ).
Massive landholding, undervalued.
8. TAFAWA BALEWA SQUARE (TBS), LAGOS
National ceremonial ground.
Concessioned to BHS International.
Later seized by AMCON over debts.
PORTS CONCESSIONS (2005–2006 PRIVATISATION OF NIGERIA’S PORTS)
Atiku had direct interest.
Onne Port (Oil & Gas Free Zone) – handed to INTELS (Atiku’s company) with 25-year monopoly.
Apapa Container Terminal – concessioned to APM Terminals.
Tin Can Island, Port Harcourt, Warri, Calabar – various foreign and local firms.
Intels controlled revenue collection and logistics nationwide.
STEEL & MANUFACTURING
Ajaokuta Steel – given to Global Infrastructure (India).
Delta Steel – sold to same group.
Both collapsed.
Jos Steel, Katsina Rolling Mills, Osogbo Steel, Itakpe Iron Ore – all sold for scrap value.
OIL, GAS & PETROCHEMICAL
Eleme Petrochemicals – sold to Indorama.
Port Harcourt & Kaduna Refineries – attempted sale to Dangote/Zenon.
NAFCON Fertilizer – sold to Notore.
MEDIA & PUBLISHING
Daily Times (full asset stripping).
New Nigerian Newspapers attempted but resisted.
POWER SECTOR
Ughelli Power Plant – acquired by Transcorp.
Other plants (Egbin, Geregu, Afam etc.
AVIATION & SHIPPING
Nigeria Airways liquidated, assets sold globally.
Nigerian National Shipping Line (NNSL) – ships and docks sold, leaving debt.
REAL ESTATE & FEDERAL PROPERTIES ABROAD
Federal government buildings in London, New York, and foreign embassies were sold.
Land in Ikoyi, V.I., Maitama, Asokoro sold to political elites.
KEY FIGURES & BENEFICIARIES
Obasanjo – Used Transcorp to quietly buy national assets while in office.
Atiku – As NCP Chairman and shareholder in INTELS, benefited from port concessions and logistics monopoly.
El-Rufai – Designed and executed valuation and disposals as DG BPE.
Jimoh Ibrahim – Bought key hotels, NICON assets.
Transcorp – Central vehicle for insider acquisitions.
Nigeria lost control of telecoms, media, housing, hotels, ports, steel, shipping, federal buildings, foreign assets, and land. Assets were either: Sold cheaply to political allies
Stripped and resold
Allowed to collapse
This mass privatisation under Obasanjo and Atiku transferred national wealth to a few individuals, destroyed industries, killed jobs, and pushed foreign investors to South Africa, Ghana, and Kenya.
NB: Sales of refineries were revoked.
Several attempts to sell National Theatre was resisted.
Under Obasanjo was the SINGLE largest transfer of public wealth into private hands in African history!
By Shokolokobankoshe
