The Federal Government has officially transferred operations of the Zungeru Hydroelectric Power Plant to a Concessionaire named Penstock Limited.
This was disclosed during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja on Tuesday.
The move is expected to boost Nigeria’s power generation capacity and contribute significantly to meeting the country’s growing energy demands.
The Concession Agreement was signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited.
Following the NCP’s approval, the Concessionaire fulfilled its obligation by paying 50 per cent of the commencement fees on January 5, 2024.
Vice President Kashim Shettima who chaired the meeting also disclosed plans by the Federal Government to recapitalize and restructure the Bank of Agriculture (BOA) to bolster Nigeria’s agricultural sector and achieve national food security.
Speaking at the meeting, Vice President Shettima noted the potential of BOA to play a central role in achieving national food security, citing its extensive branch network across all senatorial districts in the country.
He, however, expressed concern about the bank’s current practices, particularly its tendency to disburse unsustainable loans.
Senator Shettima advocated modernisation of the BOA, emphasising the need to leverage technology and upgrade branch facilities. He said embracing modern financial systems would enable the bank to function more effectively and fulfill its vital role in supporting agricultural development.
