Economy

FG to sell five mining corporation subsidiaries for N165.5bn

by Onyinye Nwachukwu, Abuja

December 27, 2017 | 1:12 pm
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The Federal government intends to sell the remaining five out of the twenty three subsidiaries of the Nigerian Mining Corporation (NMC) for N165,547,000 following an approval, last Friday by the National Council on Privatisation (NCP) for the deal.

The NCP, the country’s Privatisation decision maker approved the sale of Naraguta Bricks and Clay Company to University of Jos at the offer price of N45 million and Maiduguri Bricks and Clay Company to Gargam International Services Ltd at the bid price of N63 million.

The Council endorsed that NIMCO Terrazo Company Ltd be sold to Alheri (JJ) Nigeria Ltd at the offer price of N15,297,000; Gano Quarry to A.A Y International Mining Company Ltd at the bid price of N21,700,000; and Kujama Quarry to Yusuf Mariri Trading Company Ltd at the bid offer of N20,550,000.

The Technical Committee of the NCP had opened the financial bids of the pre-qualified prospective core investors for these enterprises at a public ceremony held at the BPE Conference Room on October 24, 2017.

The NCP, which is chaired by Vice President Yemi Osinbajo, noted that the sale became necessary since the plant and equipment had outlived their economic life and suffered theft and vandalisation over the years.

“The 23 subsidiaries of the NMC had ceased operations since the late 1980s, as a result of which they were closed down and the staff disengaged in 2004 by the Ministry of Mines and Steel Development, but for a few that were retained to provide skeletal services,” it said.

According to the Bureau for Public Enterprises, the NCP also approved the pre-qualification of five firms which should be issued Request for Proposals (RFPs) with respect to the engagement of transaction advisers for the partial commercialization of the River Basin Development Authorities (RBDAs).

The firms include, Agric-Africa Consultants, Halcrow Infrastructure, CPCS, Thomas Macaulay Capital, and Feedback Infrastructure Services.

The NCP also approved that RFPs be issued to 3 firms that met the pre-qualifying score following the evaluation of Expressions of Interest for the engagement of transaction advisers for the partial commercialization of the Nigeria National Parks Service and concession of eco-tourism activities in three selected national parks.

The firms are: African Wildlife Foundation, IOS Partners/IWorld/Ecoplannet, and CPCS.

 

Onyinye Nwachukwu, Abuja

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by Onyinye Nwachukwu, Abuja

December 27, 2017 | 1:12 pm
  |     |     |   Start Conversation

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