NCP approves sale of NITEL property to Lagos govt for N2.5bn


The National Council on Privatization (NCP) has approved the sale of a property located at Nos. 3-5 Moloney Street, Lagos (belonging to defunct NITEL/MTEL and housing the Nigerian Postal Service (NIPOST), to the Lagos State Government for the sum of N2.5 billion.

The sales followed the recommendations of the Bureau for Public Enterprises (BPE) to the Council.

The NCP directed the BPE to conduct a nationwide audit of NIPOST properties to ascertain their current state and identify any forms of encroachment on them.

The NCP, which held its second meeting of the year on Tuesday, February 21, 2023 and chaired by Vice President Yemi Osinbajo (SAN), also approved Mainstream Energy Solutions Limited (MESL) as the preferred bidder for the concession of the Zungeru Hydroelectric Power Plant.

It directed the commencement of the process of negotiations and the execution of the concession agreement with Mainstream Energy Solutions Limited.

The Director General of BPE, Mr. Alex Okoh, had presented a memo seeking the Council’s approval of Mainstream Energy Solutions Limited as the preferred bidder.

According to him, Mainstream Energy Solutions Limited was chosen among 11 other companies after a technical evaluation of the bids by the Bureau and other stakeholders.

NCP members in attendance at the meeting included the Minister of Finance, Budget & National Planning, who is also the Vice Chair, Mrs. Zainab Ahmed, Ministers of Power, Engr. Abubakar Aliyu; Water Resources, Engr. Suleiman Adamu; Industry, Trade and Investment, Otunba Niyi Adebayo; Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, among others.

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