The National Council on Privatization, which is chaired by Vice President Yemi Osinbajo, has approved the immediate revocation of the concession of the Lagos International Trade Fair Complex.
The trade fair complex was in 2008 given to Aulic Nigeria Limited as a concession, a move that had come under severe criticism by several trade groups.
The NCP also approved the commencement of the privatization of the Afam Power plants 1-5 in a bid to injecting additional power into the national grid and improving electricity supply nationwide, as well as the immediate commencement of fresh privatization of Yola Electricity Distribution Company.
The Senior Special Assistant to the President on Media and Publicity, Laolu Akande, said this in a statement on Monday.
The council is the highest decision-making body on policies relating to the privatization and commercialization policies of the Federal Government.
“These approvals, the council noted, were aimed at giving traction to key infrastructural facilities in the country that are presently under concession, but have been adjudged to be performing sub-optimally,” the statement added.
The Osinbajo-led council also approved the pursuit of an out-of-court settlement regarding the privatisation of the Aluminium Smelter Company of Nigeria.
The move aims to resolve the lingering dispute between the Federal Government, the 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 interest to jumpstart industrial development through the steel sector in arriving at a resolution on the matter.”
Other key decisions taken by the council include the approval of the amendment to the work plan for the conclusion of the transaction involving the concession of Terminal ‘B’ of the Warri Old Port; and the restructuring and recapitalization of the 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 NCP stated.
It further stated that it approved the immediate commencement of the reform and commercialization of the River Basins Development Authorities to revitalise the irrigation and river basin potential for agricultural purposes.
Similarly, to harness the nation’s untapped tourism potential, the council approved the partial commercialization of the national parks using three key parks as pilot projects.
Source: The Punch
Send your press release/articles to:
© Copyright DNL Legal & Style 2017.
This piece may only be copied on the condition that DNL Legal & Style is duly acknowledged in this manner: “Source: DNL Legal & Style. View the original