The Nigerian government has officially transferred the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to Penstock Ltd, a concessionaire. Vice President Kashim Shettima made the announcement during the inaugural meeting of the National Council on Privatisation (NCP) in 2024 at the Presidential Villa, Abuja. The move is aimed at bolstering the country’s power generation capacity and meeting its increasing energy needs.
At the meeting, the NCP revealed that significant progress had been made in the ZHPP concession, including the formal handover of the plant’s operations to Penstock Limited. The Concession Agreement was signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited. Following Council approval, the Concessionaire fulfilled its obligation by paying 50% of the commencement fees on January 5, with the official handover taking place on January 23.
Vice President Shettima also outlined plans to revitalize and restructure the Bank of Agriculture (BOA) to enhance Nigeria’s agricultural sector and achieve national food security. Emphasizing the pivotal role that BOA could play in ensuring national food security, he highlighted the institution’s extensive branch network across all senatorial districts in the country. Expressing concerns about the bank’s current practices, especially its issuance of unsustainable loans, the Vice President advocated for modernization, leveraging technology, and upgrading branch facilities to enhance the bank’s effectiveness in supporting agricultural development.
Shettima also suggested integrating the Green Imperative Project into the plans for restructuring BOA, envisioning the provision of agricultural machinery such as tractors and harvesters to every farmer. He emphasized the importance of leveraging science and technology to minimize diversion of these assets and to achieve national food security, asserting that Nigeria has the capacity to feed itself by leveraging modern advancements.
A committee led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is finalizing a report on the BOA’s recapitalization and restructuring.
In addition, the NCP received updates on the sale of NITEL/MTEL property at Moloney Street, Lagos. Efforts are underway to evict illegal occupants and resolve the court case related to the property. The audit of NIPOST properties nationwide was also discussed, with the BPE providing detailed information to the Minister of Communications, Innovation and Digital Economy, as part of the ongoing Postal Sector Reform facing resistance from NIPOST and unions. The Federal Mortgage Bank restructuring, including the submission of nominations by the bank’s management to the Implementation Committee, was highlighted.
The Nigerian News Agency (NAN) reported on these developments.
