The Federal Government on Tuesday transferred the operations of the Zungeru Hydroelectric Power Plant to a concessionaire, Penstock Limited.
Vice President Kashim Shettima said this during the first meeting of the National Council on Privatisation for 2024.
He said at the meeting held at the Presidential Villa in Abuja that the move was expected to boost Nigeria’s power generation capacity and contribute significantly to meeting the country’s growing energy demands.
The News Agency of Nigeria reports that during the meeting, the NCP announced significant progress in the ZHPP concession, including the official transfer of the plant’s operations to Penstock Limited.
According to the council, the Concession Agreement was signed on December 13, 2023 by the Bureau of Public Enterprises and Penstock Limited.
Following the Council approval, the Concessionaire fulfilled its obligation by paying 50 percent of the commencement fees on January 5, while the official handover was done on January 23.
Shettima also revealed plans by the Federal Government to recapitalise and restructure the Bank of Agriculture to bolster Nigeria’s agricultural sector and achieve national food security.
He noted the central role BOA could play in achieving national food security, citing its extensive branch network across all senatorial districts in the country.
Shettima, however, expressed concern about the bank’s current practices, particularly its tendency to disburse unsustainable loans.
The Vice President, who advocated for the modernisation of the BOA, emphasised the need to leverage technology and upgrade branch facilities.
He noted that embracing modern financial systems would enable the bank function more effectively and fulfill its role in supporting agricultural development.
Shettima said with the potential of the Green Imperative Project, it could be integrated into the BOA’s restructuring plans.
He said: “For me, we can marry the Green Imperative Project where we are going to bring in assorted agricultural machinery.
“Every farmer should be given a tractor, harvester and other necessary machinery.
“We can take in the latest advances in science and technology and make it possible to track these items so that diversion can be minimised.
“We have no business being poor. Nigeria must attain national food security. Let us leverage science and technology.
“There are three or four states that can feed the whole of this country.”
NAN reports that a committee led by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is finalising a report on BOA’s recapitalisation and restructuring.
Similarly, the NCP also received updates on the report on the sale of NITEL/MTEL property at Moloney Street, Lagos.
It noted that efforts are ongoing to evict illegal occupants and resolve the court case on the property.
On the audit of Nigeria Postal Service properties nationwide, it was noted that the BPE has provided detailed information to the Minister of Communications, Innovation and Digital Economy.
Also Read:
- APC will connect Anambra to centre in November – Ganduje
- Defilement of three-year-old: Police admit detaining 10-year-old
- Oyebanji congratulates ex-Gov. Fayemi on 60th birthday
- Ogun CP reminds motorists of virtue of patience while driving
- Ijaw Youths Network celebrates philanthropist, Mathew Tonlagha on his birthday
It also provided information to the Postmaster General to assist with the ongoing Postal Sector Reform that was facing pushbacks from NIPOST and unions.
On the Federal Mortgage Bank restructuring, the NCP noted that the bank’s management has submitted nominations to the Implementation Committee, which is expected to commence work shortly.
Follow The Eagle Online Channel on WhatsApp
