The National Council on Privatisation (NCP) has approved the immediate revocation of the concession of the Lagos Trade Fair Complex and a fresh privatisation of the Yola Electricity Distribution Company.
It also approved the privatisation of Afam Power plants 1-5 to inject additional power into the national grid and improve electricity supply.
The Council, chaired by Vice President Yemi Osinbajo, also approved the pursuit of an out-of-court settlement of the dispute over the privatisation of Aluminium Smelter Company of Nigeria (ALSCON).
Other decisions taken during the August 22 and 23 meeting at the Presidential Villa in Abuja include:
Approval of the amendments to the Work Plan for the conclusion of the transaction involving the concessioning of Terminal “B” Warri Old Port; the restructuring and recapitalisation of Bank of Agriculture.
“The restructuring of the BOA is in alignment with the Government’s desire to make financing options readily available to farmers for an aggressive diversification of the Nigerian economy,” the Council said in a statement by the Senior Special Assistant on media and publicity to the vice president, Mr. Laolu Akande
The Council also approved 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.
The move, according to the statement is aimed at resolving the lingering dispute between 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.
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.”
The meeting also 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.
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