Vice President Kashim Shettima has disclosed that the Federal Government has officially transferred operations of the Zungeru Hydroelectric Power Plant to Penstock Limited, the concessionaires.
The government is confident that the move will boost Nigeria’s power generation capacity and contribute significantly to meeting the country’s growing energy demands.
Shettima spoke on Tuesday during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja.
The NCP announced significant progress in the Zungeru Hydroelectric Power Plant (ZHPP) concession, including the official transfer of the plant’s operations to Penstock Limited.
A statement by the vice president’s spokesman, Stanley Nkwocha, recalled that 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 per cent of the commencement fees on January 5, 2024.
The official handover ceremony took place on January 23, 2024, transferring the plant’s operations to Penstock Limited.
Shettima also announced 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.
