FEC okays $15.44b rail, refinery rehabilitation contracts

Sanctions 20 per cent minority stake in Dangote Refinery
The Federal Executive Council (FEC), yesterday approved $15.44 billion for contracts in the Transportation and Petroleum Resources Ministries.

The virtual meeting, presided over by Vice President Yemi Osinbajo in Abuja, also sanctioned other contracts presented to it by the Ministries of Education and Power.

Addressing newsmen after the gathering, Minister of Transportation, Rotimi Amaechi, whose presentation was conveyed by his Information and Culture counterpart, Lai Mohammed, said Council okayed two memoranda for his ministry, including the $11.2 billion Lagos-Calabar standard gauge coastal rail line.

Also, the Minister of State for Petroleum Resources, Timipre Sylva, disclosed that the meeting sanctioned two memoranda for his ministry, including a $1.484 billion contract for the rehabilitation of both Warri and Kaduna refineries, as well as approval for acquisition of 20 per cent minority stake in Dangote Petroleum and Petrochemical Refinery in the sum of $2.76 billion.
On the approvals for the Ministry of Transportation, the minister said besides the Lagos-Calabar coastal line, funding for the Kano-Jibia and Lagos-Maiduguri rail lines also got the green light for immediate commencement of work.

Also, Minister of State for Education, Chukwuemeka Nwajiuba, said his ministry presented two memoranda, one of which was the convention that regularises recognition of Nigerian certificates and diplomas across Africa.

He added: “The second memo also dealt with the award of contract for the building of two blocks of social science complexes at Adamawa State University in Mubi for a total sum of N1,103,000,000, which was a TETFUND allocation that emerged from year 2017 through 2021.”

Minister of Power, Mamman Saleh, stated: “FEC has graciously approved two projects from the Ministry of Power. One is the construction of 2 by 60 MVA 132 33 sub-station at Gagarawa, Jigawa State in favour of Messrs Power Control and Appliances Limited, in the sum of N154,212,396.05.

“The second one is the award of the contract for the engineering, procurement and construction of 2 by 30 MVA 132 33 sub-station at Ibiono-Ibom, Akwa Ibom State in favour of Messrs YEMEC West Africa Limited in the sum of $6.2 offshore plus N1.8 billion onshore.”