National Council on Privatisation approves opening of financial bids for BOI, BOA, NCX

The National Council on Privatisation (NCP) has approved the Financial Bid Opening for transaction advisers for the partial privatization of the three Development Finance Institutions (DFIs) in the country. They are the Bank of Agriculture (BOA), Bank of Industry (BOI) and Nigeria Commodity Exchange (NCX), formerly Abuja Securities & Commodity Exchange (ASCE).

At its last meeting held in the Presidential Villa, Abuja, on Thursday, Council directed the Bureau of Public Enterprises (BPE) to immediately invite the pre-qualified bidders that met the benchmark scores of 75% in the evaluation to proceed to the Financial Bid Opening Stage.

For the BOA, the BPE was directed to invite Banca Leonardo Consortium (Germany), Barclays Consortium (Nigeria), CPCS Consortium (Barbados) and PWC Consortium (Nigeria) for the Financial Bid Opening after which the contract should be awarded to any of the consortia adjudged to have made the best offer on quality and cost based selection guidelines of the World Bank.

Similarly, Council directed the BPE to invite CPCS Consortium (Barbados), BDO Consortium (UK) and Barclays (South Africa) who emerged pre-qualified bidders for BOI to participate in the Financial Bid Opening and the company with the best offer on quality and cost based selection guidelines of the World Bank awarded the contract.

For the NCX, Banca Leonardo Consortium (Germany), United Capital Consortium (Nigeria), CPCS Transcom Consortium (Barbados) and BGL Consortium (Nigeria) are to participate in the Financial Bid Opening and at the end, the company adjudged to have made the best offer on quality and cost based selection guidelines of the World Bank awarded the contract.

The Council at its meeting of December 18, 2014, considered recommendations made by its Technical Committee (TC) and approved the Report of the Evaluation of EOIs for the proposed engagement of transaction advisers for the three transactions-BOA, BOI and NCX.

Following the NCP directive, the BPE on December 19, 2014, sent Requests for Proposal (RFPs) to the six shortlisted advisers for the partial privatization of BOA, namely; Banca Leonardo Consortium (Germany), Greenstatos Consortium (India), CPCS Consortium (Barbados), PricewaterhouseCoopers Consortium (Nigeria), Barclays Vetiva Consortium (South-Africa) and Genesis Consortium (South-Africa) which were shortlisted.

At the deadline set forth in the RFP, five of the Consortia submitted technical and financial proposals which were evaluated by an evaluation team in line with the evaluation criteria.

The Consortia as follows: Banca Leonardo Consortium (Germany), Barclays Consortium (Nigeria), CPCS Consortium (Barbados), PWC Consortium (Nigeria) and Greenstratos Consortium (India).

In the same vein, the BPE in line with the council's directives sent RFPs to the six advisers that were shortlisted at the EOI stage for the partial privatization of BOI on December 19, 2014. These are:CPCS Transcom Consortium (Barbados), PWC Consortium (Nigeria), Banca Leonardo Consortium (Germany), BDO Consortium (United Kingdom), FBN Capital Consortium (Nigeria), and Barclays Vetiva Consortium (South Africa).

At the deadline set forth in the RFP, the following Consortia submitted technical and financial proposals as advisers for the partial privatization of BOI: CPCS Transcom Consortium (Barbados), Banca Leonardo Consortium (Germany), BDO Consortium (United Kingdom), FBN Capital Consortium (Nigeria) and Barclays Vetiva Consortium (South Africa). After evaluation, these consortia emerged: CPCS Consortium (Barbados), BDO Consortium (UK), Barclays Consortium (South Africa), FBN Capital Consortium (Nigeria) and Banca Leonardo Consortium (Germany).

For the NCX, after evaluation, these companies emerged: Banca Leonardo Consortium (Germany), United Capital Consortium (Nigeria), CPCS Transcom Consortium (Barbados), BGL Consortium (Nigeria) and Greenstratos Consortium (India).

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