Nigerian Railway Corperation (NRC) weekend said General Electric (GE) withdrew from the $2.7 billion railway concession deal because it has stopped the transportation section of its business, and not due to harsh economic policies.
NRC Managing Director, Freeborn Okhiria, disclosed this in an interview with newsmen in Lagos.
He said Federal Government fulfilled its part on the concession, noting that GE pulling out was the company’s decision.
"The funds required was about $2.7 billion and the government did its aspect. We advertised, about four companies came up tops, GE was considered the best and they were given.
"But during the process of discussion, things happened that GE on their own, withdrew from transportation business. So is not that there was any issue. They generally stopped the transportation section of the company," Okhiria said.
He assured that GE’s withdrawal would not stop the concession, as the other three companies have met and Transnet South Africa had been selected to takeover.
He added that Transnet was studying the processes and would get back to the government.
● Vanguard
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