NCP Approves Mining Corporation Subsidiaries’ Sale

mining sector
  • NCP Approves Mining Corporation Subsidiaries’ Sale

The National Council on Privatisation chaired by Vice-President Yemi Osinbajo has approved the sale of the five remaining subsidiaries of the National Mining Corporation.

The Bureau of Public Enterprises stated this in a statement made available to our correspondent in Abuja on Thursday by its Head of Public Communications, Mr. Chukwuma Nwokoh.

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 on October 24 in Abuja.

Following the exercise, the NCP at its fourth meeting for the year approved the privatisation of the five remaining subsidiaries of the NMC.

The approval is for the sale of Naraguta Bricks and Clay Company to the University of Jos at an offer price of N45m; and the Maiduguri Bricks and Clay Company to Gargam International Services Limited for N63m.

Others are the sale of NIMCO Terrazo Company Limited to Alheri (JJ) Nigeria Limited at the offer price of N15,297,000; Gano Quarry to A.A.Y. International Mining Company Limited at the bid price of N21,700,000; and Kujama Quarry to Yusuf Mariri Trading Company Limited at the bid offer of N20,550,000.

According to Nwokoh, the NCP, in giving the approval, noted that the move was vital as the plants and equipment had outlived their economic life and suffered theft and vandalism over the years.

The 23 subsidiaries of the NMC had ceased operation 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.

Nwokoh also stated that the NCP approved the pre-qualification of five firms, which should be issued Request for Proposals with respect to the engagement of transaction advisers for the partial commercialisation of the River Basin Development Authorities.

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

Similarly, the NCP approved that RFPs should be issued to three firms that met the pre-qualifying score following the evaluation of Expressions of Interest 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.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

Be the first to comment on "NCP Approves Mining Corporation Subsidiaries’ Sale"

Leave a comment

Your email address will not be published.


*