Privatization: FG Revokes Concession Lagos Trade Fair Complex, Approves Concessioning Work Plan For Old Warri Port

 

Federal Government, through the National Council on Privatisation, NCP, has approved the amendments to the Work Plan for the conclusion of the transaction involving the concession of Terminal "B" Warri Old Port and commencement of the privatisation of Afam Power plants 1-5 to inject additional power into the national grid and improve electricity

The NCP, which is chaired by the Vice President, Prof. Yemi Osinbajo, also approved the immediate revocation of the concession of Lagos International Trade Fair complex, as well as the immediate commencement of a fresh privatisation of Yola Electricity Distribution Company.

Similarly, the council approved the pursuit of an out-of-court settlement involving the privatisation of Aluminium Smelter Company of Nigeria, ALSCON.

The out-of-court settlement was aimed at resolving the lingering dispute with the Federal Government, BFIG and United Company RUSAL through the mediation of the secretariat with the active collaboration of the Federal Ministry of Mines and Steel Development.

These decisions were reached after the council’s meeting, yesterday, which reviewed proposals presented by its secretariat and the Bureau of Public Enterprises, BPE, for the reform and restructuring of various sectors of the economy.

A statement signed by Senior Special Assistant to the President, Office of the Vice President, Laolu Akande, said: “The council advised that the mediation efforts should take a holistic view of the entire sector and the overriding national interests to jumpstart industrial development through the steel sector in arriving at a resolution on the matter.

“At the meeting, under the chairmanship of Prof. Osinbajo, SAN, the council reviewed the proposals presented by its Secretariat, the Bureau of Public Enterprises, BPE, for the reform and restructuring of various sectors of the economy.

“These approvals, the council noted, were aimed at giving traction to key infrastructure facilities in the country that are presently under concessions, but have been adjudged to be performing sub-optimally.

“These decisions were taken during the meeting of the NCP, which is the highest decision making body on policies relating to the privatisation and commercialisation policies of the Federal Government, on August 22 and 23, 2017 at the Presidential Villa, Abuja.

“Other key decisions taken by the council include the approval for the restructuring and recapitalisation of Bank of Agriculture and the immediate commencement of the reform and commercialisation of the River Basins Development Authorities to revitalise the irrigation and river basin potentials for agricultural purposes".

 

 

 

PIX: Vice President, Prof. Yemi Osinbajo

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