WorldStage Newsonline– The Federal Government of Nigeria has transferred the operations of the Zungeru Hydroelectric Power Plant (ZHPP) to a concessionaire, Penstock Ltd.
Vice President Kashim Shettima who disclosed this during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja said that the move was expected to boost Nigeria’s power generation capacity and contribute significantly to meeting the country’s growing energy demands.
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 Dec. 13, 2023 by the Bureau of Public Enterprises (BPE) and Penstock Limited.
Following Council approval, the Concessionaire fulfilled its obligation by paying 50 per cent of the commencement fees on Jan. 5, while the official handover was done on Jan. 23.
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 NIPOST properties nationwide, it was noted that the BPE has provided detailed information to the Minister of Communications, Innovation and Digital Economy.
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, it was noted that the bank’s management has submitted nominations to the Implementation Committee, which is expected to commence work shortly.
