The National 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.