FG revokes Lagos trade fair complex concession

The National Council on Privatisation, which is chaired by Vice
President Yemi Osinbajo, has approved the immediate revocation of
the concession of the Lagos International Trade Fair Complex.

The trade fair complex was in 2008 given to Aulic Nigeria
Limited as a concession, a move that had come under severe
criticism by several trade groups.

The NCP also approved the commencement of the privatisation of
the Afam Power plants 1-5 in a bid to injecting additional power
into the national grid and improving electricity supply nationwide,
as well as the immediate commencement of fresh privatisation of
Yola Electricity Distribution Company.

The Senior Special Assistant to the President on Media and
Publicity, Laolu Akande, said this in a statement on Monday.

The council is the highest decision-making body on policies
relating to the privatisation and commercialisation policies of the
Federal Government.

“These approvals, the council noted, were aimed at giving
traction to key infrastructural facilities in the country that are
presently under concession, but have been adjudged to be performing
sub-optimally,” the statement added.

The Osinbajo-led council also approved the pursuit of an
out-of-court settlement regarding the privatisation of the
Aluminium Smelter Company of Nigeria.

The move aims to resolve the lingering dispute between the
Federal Government, the 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
interest to jumpstart industrial development through the steel
sector in arriving at a resolution on the matter.”

Other key decisions taken by the council include the approval of
the amendment to the work plan for the conclusion of the
transaction involving the concession of Terminal ‘B’ of the Warri
Old Port; and the restructuring and recapitalisation of the Bank of
Agriculture.

“The restructuring of the BoA is in alignment with the
government’s desire to make financing options readily available to
farmers for an aggressive diversification of the Nigerian economy,”
the NCP stated.

It further stated that it approved the immediate commencement of
the reform and commercialisation of the River Basins Development
Authorities to revitalise the irrigation and river basin potential
for agricultural purposes.

Similarly, to harness the nation’s untapped tourism potential,
the council approved the partial commercialisation of the national
parks using three key parks as pilot projects.

The National Council on Privatisation, which is chaired by Vice
President Yemi Osinbajo, has approved the immediate revocation of
the concession of the Lagos International Trade Fair Complex.

The trade fair complex was in 2008 given to Aulic Nigeria
Limited as a concession, a move that had come under severe
criticism by several trade groups.

The NCP also approved the commencement of the privatisation of
the Afam Power plants 1-5 in a bid to injecting additional power
into the national grid and improving electricity supply nationwide,
as well as the immediate commencement of fresh privatisation of
Yola Electricity Distribution Company.

The Senior Special Assistant to the President on Media and
Publicity, Laolu Akande, said this in a statement on Monday.

The council is the highest decision-making body on policies
relating to the privatisation and commercialisation policies of the
Federal Government.

“These approvals, the council noted, were aimed at giving
traction to key infrastructural facilities in the country that are
presently under concession, but have been adjudged to be performing
sub-optimally,” the statement added.

The Osinbajo-led council also approved the pursuit of an
out-of-court settlement regarding the privatisation of the
Aluminium Smelter Company of Nigeria.

The move aims to resolve the lingering dispute between the
Federal Government, the 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
interest to jumpstart industrial development through the steel
sector in arriving at a resolution on the matter.”

Other key decisions taken by the council include the approval of
the amendment to the work plan for the conclusion of the
transaction involving the concession of Terminal ‘B’ of the Warri
Old Port; and the restructuring and recapitalisation of the Bank of
Agriculture.

“The restructuring of the BoA is in alignment with the
government’s desire to make financing options readily available to
farmers for an aggressive diversification of the Nigerian economy,”
the NCP stated.

It further stated that it approved the immediate commencement of
the reform and commercialisation of the River Basins Development
Authorities to revitalise the irrigation and river basin potential
for agricultural purposes.

Similarly, to harness the nation’s untapped tourism potential,
the council approved the partial commercialisation of the national
parks using three key parks as pilot projects.