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NCP approves privatization of Afam power plant, recapitalization of BOA

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Tuesday, September 05, 2017 11.00am/Proshare WebTV 

The National Council of Privatization, Chaired by Vice-President Prof Yemi Osinbajo (SAN) has approved the privatization of the Afam power plants 1-5 and the restructuring/recapitalization of the Bank of Agriculture. 

This was part of the key decisions taken by the council, during its meeting of August 22nd and 23rd, 2017 in Abuja. 

The major step by NCP is to set a pathway, for the repositioning of state enterprises and ventures, to be viable for the nation. 

The planned Afam power plants privatization is geared towards injecting additional power into the national grid & improve electricity nationwide. 

Bank of Agriculture will be restructured and recapitalized accordingly, to support the Agriculture sector of the  economy. 

For the Multi-million dollar Aluminium Smelter Company of Nigeria (ALSCON) in Ikot Abasi, Akwa Ibom State the NCP agreed to pursue an out-of-court settlement, involving its privatization. 

Other decisions include; immediate revocation of the concession of Lagos International Trade Fair Complex, commencement of a fresh privatization of Yola Electricity, commencement of reform and commercialisation of River Basin authorities and Amendments to Work Plan for the conclusion of the transaction for concessioning of Warri Old port “Terminal B”. 

Also the council approved the partial commercialization of Nigeria’s National Parks, using three national parks as pilot projects. 

The National Council of Privatization is the highest decision-making body on the privatization and commercialisation policies of the Federal Government.  

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