FG approves sale of Mining Corporation subsidiaries

FG approves sale of Mining Corporation subsidiaries

Thursday, December 21, 2017 6:13 pm

Dr Kayode Fayemi: Minister, Mining and Steel Development

The National Council on Privatisation (NCP), has approved the privatisation of the remaining five (out of the 23) subsidiaries of the Nigerian Mining Corporation (NMC).

A statement by Mr Chukwumah Nwokoh, the Head, Public Communications, Bureau of Public Enterprises (BPE), on Thursday in Abuja, said the council gave the approval during its fourth meeting for the year.

Nwokoh said the council approved the sale of Naraguta Bricks and Clay Company to University of Jos at the offer price of N45 million and Bricks and Clay Company to Gargam International Services Ltd at the bid price of N63 million.

He said NIMCO Terrazo Company Ltd was sold to Alheri (JJ) Nigeria Ltd at the offer price of N15.297 million, Gano Quarry to A.A Y International Mining Company Ltd at the bid price of N21.7 million and Kujama Quarry to Yusuf Mariri Trading Company Ltd at the bid offer of N20.550 million.

He added that the technical committee of the NCP had opened the financial bids of the pre-qualified prospective core investors for the enterprises at a public ceremony held at BPE on October 24.

Nwokoh said that Chairman of the council, Vice President, Prof. Yemi Osinbajo, said that the move was vital as the plants 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.’’

The council 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 commercialisation of the River Basin Development Authorities (RBDAs).

The firms to be issued RFPs are: Agric-Africa Consultants, Halcrow Infrastructure, Canadian Pacific Consulting Services (CPCS), Thomas Macaulay Capital, and Feedback Infrastructure Services.

Nwokoh also said the council approved that RFPs be issued to three firms that met the pre-qualifying score.

This he said was after 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.

Join The Conversation

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.