TheCable

The national council on privatisation (NCP) has approved the immediate revocation of the concession of the Lagos International Trade Fair Complex.

The concession of the Lagos trade fair complex to Aulic Nigeria Limited in 2008 had been criticised by various trade groups in the country.

The council, chaired by Vice-President Yemi Osinbajo, also approved the commencement of the privatisation of the Afam power plants 1-5 to inject additional power into the national grid and improving electricity supply nationwide.

According to Laolu Akande, Osinbajo’s spokesman, the decisions were reached during the council’s recent meeting in Abuja.

The NCP, which is the highest decision-making body on policies relating to the privatisation and commercialisation policies of the federal government, also approved the immediate commencement of fresh privatisation of Yola Electricity Distribution Company.

“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,” Akande said in a statement.

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

The move, it said, is targeted at resolving the lingering dispute between the federal government, the BFIG and United Company, RUSAL, through the mediation of the secretariat with the collaboration of the federal ministry of mines and steel development.

“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,” the council advised.