4 firms stake N120.5m for Nigerian Mining Corporation subsidiaries

By Factnews on 25/10/2017

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Four firms have staked N120, 547,000 to purchase the assets of the subsidiary companies of Nigerian Mining Corporation (NMC).

According to the second round financial bids results released by the Bureau of Public Enterprise (BPE), in Abuja yesterday, for five subsidiaries of NMC, Yusuf Mariri Trading Company staked N20,550,000 on Kujama Quarry, Kaduna, A.A.Y International Mining Company Limited, staked N21,700,000 on Gano Quarry, Kano,  Alheri (JJ) Nigeria, placed  N15,297,000 on NIMCO Terrazzo, Jos while Gargam Inter Services Limited placed N63,000,000 on Maiduguri Bricks and Clay Company Limited.

For Naraguta Bricks and Clay Company, Jos, a N30,000,000 bid offer by University of Jos was said to be below the reserve price

Going down memory lane, the Chairman of the National Council on Privatisation (NCP),  Alhaji M.K. Ahmed,  said two previous attempts to privatise Naraguta Bricks and Clay Company, Jos failed because of lack of Expressions of Interest (EOIs).

However, he explained that,  between 2013 and 2016, the Bureau received three consecutive Expressions of Interest from the University of Jos.

‘‘Having reviewed their EOI, the Bureau recommended to the Chairman of NCP that the method of   “willing buyer, willing seller” be adopted. The major premise being: That Naraguta Bricks is located within the land that was originally allocated to the university for future development, as both belong to the Federal Government of Nigeria (FGN).  The privatization of the company was not envisaged then but selling it to the university was deemed apt in order to avert frictions that could arise with an outsider becoming the owner.

Consequent upon the recommendation, the Vice President approved the privatisation of Naraguta Brick & Clay Company Limited (NBCL) through a willing buyer/willing seller strategy to the University of Jos, Plateau State. The Bureau then requested UNIJOS to conduct due diligence and submit technical and financial proposals.

For Gano Quarry, Kano, Ahmed explained that the privatization process started in 2007 but failed due to lack of adequate interest, with the  process recommencing in July 2017 with an advertisement calling for Expressions of Interest (EOIs) from prospective investors with an  option of first refusal to AAY International Mining Co.

‘‘At the dateline for submission of EOIs on July 24, 2017, two EOIs were received which were evaluated and the two prospective investors were pre-qualified. The two prospective investors— AAY International Mining Company and Nigerian Spanish Engineering— conducted due diligence and submitted financial proposals.

The sale strategy is also asset sale. The preferred bidder would in collaboration with BPE renew the license from the Mining Cadastral Office (MCO).

The Chairman disclosed that it is pertinent to note that the NMC mining license expired which left the quarry vacant. This development, he said led to the acquisition of the land around it by A.A.Y International Mining Company Limited, stressing that A.A.Y International Mining Company Limited is now the land owner and has invested heavily on the site.

 

 

Source Sun

Posted on October, 25 2017

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