The Nigerian government has officially handed over the operations of the Zungeru Hydroelectric Power Plant to Penstock Limited. The transfer was announced by Stanley Nkwocha, Special Assistant to the President on Media and Communications in the Office of the Vice President.

The decision was made during the first 2024 meeting of the National Council on Privatisation (NCP) at the Presidential Villa in Abuja. This move is expected to enhance Nigeria’s power generation capacity and meet the country’s growing energy needs.

At the meeting, the NCP reported significant progress in the Zungeru Hydroelectric Power Plant concession, including the formal transfer of the plant’s operations to Penstock Limited. The concession agreement was initially signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited.

Following council approval, the concessionaire fulfilled its financial obligations by paying 50 percent of the commencement fees on January 5, 2024. The official handover ceremony transferring the plant’s operations to Penstock Limited took place on January 23, 2024.