FG annuls concession of Lagos Int’l Trade Fair Complex, approves privatisation of Afam Power Plant

Following a National Council on Privatisation (NCP) meeting chaired by Vice President Yemi Osinbajo, the Federal Government (FG) has annulled the concession of the Lagos International Trade Fair Complex to Aulic Nigeria Limited.

The decision to annul the Trade Fair concession awarded in 2008 was announced on Monday by Laolu Akande, Senior Special Assistant on Media and Publicity to Osinbajo.

Also, Akande said the NCP approved that privatisation of the Afam Power plants 1-5 begin. This the NCP said would inject additional power into the national grid and improving electricity supply nationwide, Similarly, the privatization of the Yola Electricity Distribution Company was also approved to begin immediately.

“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 stated in his statement.

Moreover, the council directed an out-of-court settlement on the privatisation of the Aluminium Smelter Company of Nigeria be sought, while the Federal Ministry of Mines and Steel Development was mandated to end the lingering dispute between the government on the other hand, the BFIG and United Company, RUSAL, on other hand.

Akande said effort to end the dispute was taken in the “overriding national interest to jumpstart industrial development through the steel sector.”

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.

Also, the council approved that the work plan for the concessioning of Terminal ‘B’ of the Warri Old Port be amended, as well as 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.