The Federal Executive Council (FEC) yesterday approved a contract to revitalise the Ajaokuta Steel Company and the National Iron Ore Complex, Itakpe, both in Kogi State.
Also, the FEC approved contracts worth N10.48 billion and $27.09 million for the Federal Ministry of Power, as part of the government’s effort at repositioning the nation’s power sector.
The FEC was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.
Minister of Information and Culture, Alhaji Lai Mohammed told reporters that the contract, worth N853.25 million, based on one of two memoranda presented by the Federal Ministry of Mines and Steel Development.
He said: “Council approved the engagement of transaction advisors for consultancy services for the concession of Ajaokuta Steel Company limited and the National Iron ore mining complex in Itakpe in favour of Messrs CPCS Transform Consortium in the sum of N853,266, 644.4 inclusive of 7.5percent VAT.”
Also, the FEC approved contracts worth N10.48 billion and $27.09 million for the Federal Ministry of Power for the power sector, in order to boost electricity supply across the country.
Minister of Power, Abubakar Aliyu, said the three memoranda presented to Council, including one seeking variation for an old contract, sailed through.
He said the approvals were for the purchase of major electricity transmission equipment.