The Institute of Loss Adjusters of Nigeria (ILAN) on Thursday commended the Federal Government for resisting calls from some quarters in the country to sell off some national assets.
The ILAN President, Mr Ralph Opara, who gave the commendation in an interview with the News Agency of Nigeria (NAN) in Lagos, said selling the assets might bring double jeopardy.
Business magnate, Alike Dangote, had in an interview with a cable television, CNBC, advised the Federal Government to sustain its foreign reserves by disposing of its stakes in major assets.
Some of the assets, Dangote suggested selling off, include the Nigeria Liquefied Natural Gas Limited (NLNG) and the Nigeria National Petroleum Corporation, airports, financial institutions.
He advocated the sale of the national assets to cushion the biting effects of recession on the economy, which had made it difficult for Nigeria to secure low-interest foreign loans due to poor credit ratings.
NAN reports that the institute advised the government to exercise caution on the plan to sell off some assets to boost the country’s liquidity.
Opara said selling national assets to shore up foreign reserves in the absence of cheap foreign loans would be a good option, only if citizens would benefit from it.
“Nigerians have never benefited from such sales in the past; the sales of national assets in past years were never approached from the commitment to protect the common patrimony of citizens.
“Some of the sold assets, at the end of the day, fell into the hands of crooks, sharks and assets strippers.
“Where is the reward of the National Electric Power Authority (NEPA) sold in 2014?
“I can’t really see any reward except that the country has been rendered ill-liquid even as we battle with blackouts,’’ he said.
He said, “If the need arises, the government must get such assets listed on the stock exchange to provide ownership opportunity for all Nigerians should the selling option be adopted finally.
“We don’t want these assets to be sold to any core investors. Rather, the government should list the assets on the stock exchange so that everybody would have the opportunity to get a stake in them.”
