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NCP approves privatization of 5 mining subsidiaries worth N360m : Environment : Nigerialog.com - Nigeria's Premier Online Forum (95 views)

NCP approves privatization of 5 mining subsidiaries worth N360m

By princepointDecember 22, 2017, 02:49:17 AM
THE National Council on Privatisation, NCP, has approved the privatisation of five mining subsidiaries worth over N360 million. This was contained in a statement by the Head of Public Communication, NCP, Chukwuma Nwokoh, which said the decision was taking at NCP’s 4th meeting for 2017.


According to the statement NCP on December 15, 2017, approved the privatisation of the remaining five (out of the 23) subsidiaries of  the Nigerian Mining Corporation,  NMC. 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 24th October, 2017. The NCP, which chaired by the Vice President,


 Prof. Yemi Osinbajo, also noted that the move was vital as the plant and equipment had outlived their economic life and suffered theft and vandalisation over the years, hence decision to privatise them. The statement reads in part “The NCP approved sale of Naraguta Bricks and Clay Company to University of Jos was at the offer price   of N45 million; Maiduguri Bricks and Clay Company to Gargam International Services Ltd at the bid price of N63 million;

  NIMCO Terrazo Company Ltd 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 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.” The statement added that 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).



These firms are: Agric-Africa Consultants, Halcrow Infrastructure, CPCS, Thomas Macaulay Capital, and Feedback Infrastructure Services. “Similarly, the NCP approved that RFPs be issued to three firms that met the pre-qualifying score following the evaluation of Expressions of Interest, EOI, for the engagement of transaction advisers for the partial commercialisation 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”, it added.

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