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Sell Off NLNG, Invest Proceed And Be Out Of Recession, Dangote Tells Buhari by Donnyboy(m): 7:53pm On Sep 18, 2016 |
Dangote has urged the federal government to sell off the Nigerian Liquified Natural Gas company, NLNG as well as other dormant but huge capital- generating sectors and invest the proceeds back into the economy to bring Nigeria out of its current recession before the end of fourt quarter. In an interview with CNBC Africa, the billionaire said: “The only way for us to get out of this recession is to make sure we move into action quickly; action by diversifying the economy quickly. “If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation. “What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent. “We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need. “The African finance corporation; it can fetch them $800million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG. “A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion.” Dangote suggested investing the proceeds back into the economy to boost development. “You will not believe that the crisis that we have today, if we have $15 billion, adding it to our $25 billion, that is $40 billion reserves. That will give confidence, confidence will come back, then government will back it up with proper economic policy, where people can see the roadmap. “Latest by fourth quarter we will be out of recession. It should be a partnership between government and private sector. We have all the answers, Nigeria falling into recession does not really scare me, if we take action. The businessman said if the government boosts reserves as suggested, the naira may fall to 250 to the dollar and help the economy. “Once we can sell assets, and put $15 billion together, you’d be very shocked at how much the dollar will actually drop, you can easily see 250. What is happening today is mere speculation. “To currency, everybody will speculate, banks will speculate, companies will speculate, individuals will speculate, because if you have money you want to send in from abroad you will keep sending in trickles. “If you know that CBN has $40 billion in reserves today, if you have $100,000, you might even sell it forward because you know that this rate is going to crash and you must quickly sell it.” http://www.vanguardngr.com/2016/09/sell-off-nlng-invest-proceed-well-recession-dangote-tells-buhari/ |
Re: Sell Off NLNG, Invest Proceed And Be Out Of Recession, Dangote Tells Buhari by Nobody: 8:11pm On Sep 18, 2016 |
hmmm lemme ponder on this suggestion , weigh the pros and cons of this action. 1 Like |
Re: Sell Off NLNG, Invest Proceed And Be Out Of Recession, Dangote Tells Buhari by chachanga: 8:55pm On Sep 18, 2016 |
Makes sound business sense. In trying times like this, with the stage set for inflation and dollar exchange rate to hit unprecedented highs effectively knocking the economy into oblivion, it might not be bad for us to look up the quadrant and focus on our cash-cows while readily divesting, diversifying from or outrightly selling off projects with with such challenging profiles like NLNG. The odd thing though is, as good as the oldF0ol is with de-marketing and thrashing the country that's so glamorously feeding his arsss, why are options like this escaping he and his yeye management-mugus. Besides, why's everyone from Sanusi to Soludo etc and now this Bubu's favored boy suddenly taking to the media to tell him the simplest of things? Is it because the voices of reason have been fenced off from the DeafAndDull One? Or is it because everybody's voicing their premonitions and recommendations now just so as to say "But-we-told-you-so" when he crashes his tenure eventually? May God deliver this nation from the grasping clutches of zombified mugus and the SimpleMinded HeadNodders following them to the pit! Time will tell! |
Re: Sell Off NLNG, Invest Proceed And Be Out Of Recession, Dangote Tells Buhari by lwise(m): 9:17pm On Sep 18, 2016 |
Even if we are selling NLNG we won't sell to you.Your I'll gotten wealth is at the expense of the masses. |
Re: Sell Off NLNG, Invest Proceed And Be Out Of Recession, Dangote Tells Buhari by chigoizie7(m): 9:22pm On Sep 18, 2016 |
So that he can buy it off? And by 2018 when his refinery is ready ( our Govt is not doing anything to revive our refineries). He has taken over the agric and pro agric sectors, and now he wants to acquire the NLNG and then he can have the fate of this economy @ the back of his palm. |
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