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NCP Approves Privatization Of Mining Corporation Subsidiaries

The National Council on Privatisation (NCP), at its 4th meeting on Friday, 15th December 2017, approved the privatisation of the remaining five out of the 23 subsidiaries of the Nigerian Mining Corporation (NMC).

Specifically, the Council 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.

A statement issued by the Head, Corporate Communications of the Bureau of Public Enterprises (BPE) on the exercise, Chukwuma Nwokoh, recalled that the Technical Committee of the NCP had opened the financial bids of the pre-qualified prospective core investors for the affected enterprises at a public ceremony on 24th October, 2017.

The NCP, which is chaired by the Vice President, Prof. Yemi Osinbajo, noted that the move was vital as the plant 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 stated.

Nwokoh also confirmed that the NCP also approved the pre-qualification of five companies 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). The companies are, Agric-Africa Consultants, Halcrow Infrastructure, CPCS, Thomas Macaulay Capital, and Feedback Infrastructure Services.

He stated further that the Council also approved that RFPs be issued to three companies that met the pre-qualifying score 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 companies are, African Wildlife Foundation, IOS Partners/IWorld/Ecoplannet, and CPCS.

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