Council on Privatisation (NCP), which is chaired by the Vice President Yemi
Osinbajo, SAN, has approved the commencement of the privatisation of Afam Power
plants 1-5 to inject additional power into the national grid and improve
electricity nationwide.
The Council also approved the
pursuit of an out-of-court settlement involving the privatisation of Aluminium
Smelter Company of Nigeria (ALSCON).
The move aims to resolve 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.”
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.
The
council also approved the immediate revocation of the concession of the Lagos
International Trade Fair Complex, and the immediate commencement of a fresh
privatisation of Yola Electricity Distribution Company.
These approvals
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
