DAILY TIMES OF NIGERIA LIMITED (TRANSFER OF CERTAIN SHARES) ACT

An Act authorises the transfer of government shares in Daily Times of Nigeria Limited to private investors as part of divestiture from the media sector. It targets the federal government, the company, and private investors to regulate the share transfer process.

What Is This Policy?

An Act authorising and regulating the transfer of government shares in Daily Times of Nigeria Limited to private investors as part of the government's divestiture from the media sector.

Who Does It Target?

Daily Times of Nigeria Limited (historical) Federal Government as shareholder BPE administering the share transfer Private investors acquiring government shares

What Does It Aim to Achieve?

Facilitate the privatisation of government's media interests in Daily Times of Nigeria by providing a legal framework for the transfer of government shares to private investors.

Key Features

Share Transfer Authority: Provides legal authority for the government to transfer its shares in Daily Times to named or selected private investors. Transfer Terms: Prescribes the conditions and terms of the share transfer. Media Privatisation: Part of the broader policy of government disengagement from media ownership. BPE Role: Bureau of Public Enterprises manages the divestiture process.

Current Status

Rollout Stage: Historical — shares transferred; Daily Times has since undergone significant ownership changes Coverage: Daily Times of Nigeria Limited Beneficiaries: Private media; press independence; BPE privatisation programme Funding: Share transfer proceeds

How to Access

Historical reference — privatisation completed Engage BPE for information on any outstanding matters Application method: Historical — no current application.

Important Terms

Daily Times has experienced significant operational difficulties since privatisation Government shareholding has been substantially or fully divested The Act demonstrates Nigeria's commitment to media privatisation

Official Resources

Website: https://www.bpe.gov.ng Contact: Bureau of Public Enterprises (BPE)

Legal Framework

Enacted under the legislative powers of the National Assembly vested by Section 4 of the 1999 Constitution (as amended). Operates under the Bureau of Public Enterprises (BPE) Act and the Privatisation and Commercialisation Act (Cap P38 LFN 2004). Aligns with the Companies and Allied Matters Act (CAMA) 2020 on share transfers, the Securities and Exchange Commission Act, and the federal government's privatisation programme guidelines.