List of Major Federal Government of Nigeria's Sold and Abandoned Assets

This list contains Federal Government of Nigeria's national property that were privatized/ sold or are moribund.

  • Nigerian Telecommunication, NITEL
  • Power Holding Company of Nigeria, PHCN
  • Nigeria Airways
  • Ajiokuta Steel Melting Company
  • Eleme Petrochemicals Company
  • Coal Mine, Enugu
  • Federal Radio Corporation of Nigeria, FRCN Lagos Complex
  • Anambra Automobile Manufacturing Company, ANAMCO
  • Jos Steel Rolling Company
  • Kastina Steel Rolling Company
  • Nigeria Machine Tools Limited, Oshogbo, NMTL
  • Port Harcourt Refinery
  • Warri  Refinery
  • Kaduna Refinery
  • National Library

Nigerian Telecommunication, NITEL

Date of Establishment: 1984

Current Status: Deceased

Date of Sale:

Background Information

Location Plot 251, Central Business District Herbert Macauley Way, Abuja.

The historical key businesses of NITEL are as follows:

Fixed telephony services including international, internet, payphone and interconnection;

Long- distance carrier including incoming international calls and satellite services; and

Cellular, including all cellular activity carried out within M-Tel.

NITEL is Nigeria’s national fixed line and mobile telecommunications company. It is 100% owned by Federal Government of Nigeria (FGN). NITEL was incorporated as a limited liability company in December 1984. It is a product of the merger between the telecommunications arm of the defunct posts and Telecommunications Department (P&T) of the Ministry of Communications, and Nigerian External Communications Limited (NET).  NITEL formally commenced operations on 1st January 1985.    As at June 2004, NITEL had an installed fixed telephone network of 720,000 lines, of which approximately 500,000 had been activated.

NITEL, in turn, owns 100% of M-Tel, the analogue mobile cellular communications company.  NITEL and M-Tel’s operations were merged in 2001.

Power Holding Company of Nigeria, PHCN

Date established

Current status: Privatized

Background Information: Power Holding Company of Nigeria was established in as Power,  its name was changed to Nigeria Electric Power Authority, NEPA. In 2013  it was transformed to Power Holding Company of Nigeria. Despite all these transformations and name changes, the electric power supply in Nigeria didn't improve, rather it went from bad to worse. In .... the National Assembly amended electricity Act unbundling the company into three: Power Generating, Power transmission and power distribution

Nigerian government retained ownership of Power Transition Company of Nigeria. Power plants were sold to different power generating companies, GenCOs. Distribution assets were also sold to different power distribution companies, DisCos with federal government retaining 40% equities.

Nigeria Airways

Date of Establishment: 1 October, 1958

Current Status: Dead

Cause: Mismanagement and corruption

Date of Deceased:

Background Information: Nigeria Airways was Nigeria's national airline which was established in 1 October, 1958 following the dissolution of West African Airways Corporation (WAAC). At the time of formation,  Nigerian government owned 51% equity of the airline. Nigeria became the sole owner of the airline in 1961 after Nigeria's independence in 1960, and its name was changed from West African Airways to Nigeria Airways. After acquiring 100% shareholding of the company,it became Nigeria's national flag carier. Following Nigeria's lack of capacity to manage its assets efficiently and profitably, manged by British Airways, KLM and South African Airways at different times. When the foreign operators departed, Nigeria Airways was engulfed by mismanagement and corruption. At the time of its windup, the number of aircraft in its fleet had been reduced from 44 to 3 (1 for international flight, 2 for local flight), its debt profile was $528 million. Virgin Nigeria took over the 3 aircraft and became Nigeria's national carrier,while Arik Air took over the ground assets of Nigeria Always. Buhari's government promised to revive the airline — Buhari in his electioneering campaign in 2015 said he would covert some aircraft in the Presidential fleet to national carrier, 6 years down the line nothing is on ground

Presidential Hotels

Ajiokota Steel Melting Company

Date  established: 1979

Status: Moribund (still under construction)

Eleme Petrochemical Company

Alt: = "photo of eleme petrochemicla company now Indoram eleme petrochemicals company ltd"

Date established

Status: Privatized

Location: Eleme, Rivers State, Nigeria

Indorama acquired the former Eleme Petrochemicals Company Ltd from the Nigerian National Petroleum Corporation (NNPC) in 2006 during privatization program of Federal Government of Nigeria. The plant was thereafter renamed Indorama Eleme Petrochemicals Company Limited. The company carried out rehabilitation work on the Plant because it was in moribund state at that time. The Petrochemicals Plant has the capacity to produce 22,000 tons per annum (TPA) Butene-1, 270,000 TPA Polyethylene, and 80,000 TPA Polypropylene. It also processes natural gas liquids (NGL) from Agip Oil Company, and propylene-rich feed from Port Harcourt Refinery.

Federal Radio Corporation Complex, Lagos

Alt: = "photo of FRCN building in Lagos"

Date of Establishment:

Status: Sold

Date of Sale:  2010

Location: Queen's House Marina, Lagos

Background Information

The 6 storey building located at 45, Marina Street, in Lagos State, which belonged to the Federal Radio Corporation of Nigeria, was sold to Seamens Traders Limited for N100m. Six-storey building, sitting on 387 square metres of land, was sold as a burnt property in 2010, was handed over to the buyers in 2019. 

Anambra Automobile Manufacturing Company, ANAMCO

Date Established: 1977

ANAMMCO has its corporate headquarters located at Emene Industrial layout, PMB 2523 Enugu Nigeria


Anambra Motor Manufacturing Company Limited (“ANAMMCO” or “the Company”) was incorporated in 1977 as a private limited liability company. It was established pursuant to a Joint Venture Agreement between the Federal Government of Nigeria (FGN) and the then Daimler-Benz AG of Germany, now Daimler Chrysler AG of Germany, as the Technical Partner.

The agreement was for the establishment of an assembly/manufacturing plant in Nigeria for the production and marketing of Mercedes Benz brands of Trucks and Buses of varying models and capacities. This agreement granted protection to the company through import restriction and expected the company to pursue a programme of gradual phase-out of imported parts until the vehicles are assembled with 100% local content by 1991. Located on approximately 300,000 square- meter -site at Emene Industrial Layout, Emene in the outskirts of Enugu town in Enugu State,

ANAMMCO is a corporate entity duly registered under the laws of the Federal Republic of Nigeria as a Private Limited Liability Company on January 17, 1977 with RC. No. 20,106. This was sequel to the Joint Venture Agreement of December 12, 1975 between the Federal Military Government of Nigeria and the Technical Partners Daimler-Benz A.G now Daimler-Chrysler A.G. on December 12, 1975.

The company was incorporated to carry on the business of manufacturing, assembly, importation and sale of CKD sets for Mercedes Benz commercial vehicles, agricultural tractors and passenger cars as well as spare parts. The Memorandum and Article of association of the company empowers it to carry out the series of agreements entered into on the establishment of the Commercial Vehicle Assembly/Manufacturing Plant under “The Joint Venture, Manufacturing and Agency Agreements”.

Federal Superphosphate Fertilizer Company limited (FSFC)

Date of Establishment: 1973

Status: Privatized


Federal Superphosphate Fertilizer Company limited (FSFC) Kaduna was incorporated as a limited liability company in 1973 with 100% Federal Government of Nigeria ownership. The Company, which is strategically located within the Southern Industrial Area of Kaduna, produces fertilizer in line with the Government strategy to develop and modernize the agricultural sector.

In addition to its designed capacity of producing 100,000 tonnes of Superphosphate fertilizer per annum, the FSFC has also diversified into secondary line production of water treatment chemicals, hydrated lime and aluminium sulphate (alum).  The company produces 30,000 tonnes of aluminium sulphate per annum. It has a 42,000 capacity sulphuric acid plant from which it produces Super Sulphate (SSP). FSFC is one of the two prominent fertiliser-producing companies in Nigeria. The other being NAFCON. These products are very popular and in high demand among the consumers. The company hardly meets the demand of the products

In an attempt to financially restructure the company, FGN loan amounting to N4 billion has been used to write off the accumulated losses in 2003. ECOWAS loan amounting to N938, 924,782 has been taken over by FGN and converted to capital reserve as a prelude to eventual conversion to equity.

Katsina Company

Rolling Mill

Nigeria Machine Tools Limited, Oshogbo (NMTL)

Status: Privatized


The Nigeria Machine Tools Limited, Oshogbo (“NMTL”; “the company”) was conceived in the Nation’s 4th National Development Plan (1976 – 1980) which supported the establishment of industries for the production of capital and engineering goods of intermediate technology content. Incorporated on February 18,1980 (RC 31778) as a limited liability company, the company started as a joint venture signed between the Federal Government of Nigeria (FGN) and the Hindustan Machine Tools (International) Limited (“HMT”) of India on June 29, 1979. HMT is an Indian Government-owned Machine Tools Company.

The Company, which is located on 102.3 hectares of land in Oshogbo, was incorporated with a share capital in the sum of N20million and the share holding structure at inception was as follows:

Federal Government of Nigeria (FGN)                                                    85%

Hindustan Machine Tools (International) Limited of India                      15%

National Library

Year: 2006

Current status: Uncompleted


The National Library headquarters building olcated at Plot 35 Central Business District, Abuja has been under construction since 2006. 

The contract was awarded to Messes Reynolds Construction Company (RCC) at a cost of N8.590 billion, but the was stop midway due to Federal Government’ failure to fund the project.

Having lasted more than the contract duration period, the contracted in 2008 asked for upward review of the contract sum.

In 2009, Federal Ministry of Education redesigned the building plan and thereafter reviewed the contract cost upward to N18 billion with completion period of 21 months with effect from July, 2010, following approval by the Federal Executive Council.

Jos Steel Rolling Mill

Cocoa House, Ibadan

Textile company, Kaduna 

Coal Mine,  Enugu

Nigeria Refineries

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