Nigeria Approves Sale Of 5 Remaining Mining Corporation Subsidiaries

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Nigeria Approves Sale Of 5 Remaining Mining Corporation Subsidiaries

On behalf of the federal government, the National Council on Privatisation (NCP) has approved the privatisation of the remaining five subsidiaries of the Nigerian Mining Corporation (NMC).


There were 23 original subsidiaries of 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.

It was gathered that at its meeting held last week Friday, NCP approved the sale of Naraguta Bricks and Clay Company to University of Jos 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 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 Bureau of Public Enterprises (BPE) Conference Room on October 24.

Nwokoh said Chairman of the council, Vice President, Prof. Yemi Osinbajo, said 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,” it said.

He said 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 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 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.



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