Why GE Withdrew From $2.7bn Rail Deal—NRC
Nigerian Railway Cooperation, NRC, said weekend that 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.
Mr. Freeborn Okhiria, Managing Director, NRC, disclosed this in an interview with newsmen in Lagos.
According to him, “the funds required was about 2.7 billion dollars 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 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 further said that Transnet was studying the processes and would get back to the government.
