Vice President Kashim Shettima has announced the official transfer of operations at the Zungeru Hydroelectric Power Plant to Penstock Limited, the concessionaires, marking a significant step in boosting Nigeria’s power generation capacity and meeting the country’s growing energy needs. The disclosure was made during the first meeting of the National Council on Privatisation (NCP) for 2024 at the Presidential Villa, Abuja.
The transfer of operations at the Zungeru Hydroelectric Power Plant to Penstock Limited, the concessionaires, was confirmed by the NCP, following the signing of the Concession Agreement on December 13, 2023, between the Bureau of Public Enterprises (BPE) and Penstock Limited. The Concessionaire fulfilled its obligation by paying 50 per cent of the commencement fees on January 5, 2024, leading to the official handover ceremony on January 23, 2024.
In addition to the transfer of operations at the Zungeru Hydroelectric Power Plant, Vice President Shettima announced plans by the Federal Government to recapitalize and restructure the Bank of Agriculture (BOA) to enhance Nigeria’s agricultural sector and ensure national food security. He highlighted the potential for the BOA to play a central role in achieving national food security, emphasizing the need for modernization and technological advancement to improve its efficiency.
Shettima also proposed the integration of the Green Imperative Project with the Bank of Agriculture's restructuring plans, suggesting that every farmer should be provided with necessary machinery such as tractors and harvesters. He stressed the importance of leveraging science and technology to minimize divergence and maximize productivity in the agricultural sector.
The NCP also received updates on the sale of NITEL/MTEL property at Moloney Street, Lagos, with ongoing efforts to evict illegal occupants and resolve court cases. Additionally, the audit of NIPOST properties nationwide was discussed, with the Bureau of Public Enterprises (BPE) providing detailed information to assist with the ongoing Postal Sector Reform, despite facing pushbacks from NIPOST and unions.
