NCP approves completion of Zungeru power plant concession

The National Council on Privatisation on Tuesday approved the completion of the concession for the 700 MW Zungeru Hydroelectric Power Plant.

It directed the opening of a dedicated account at the Debt Management Office for the payment of the concession fees by the concessionaire.

Consequently, Vice President Kashim Shettima, who chairs the council, directed the Governor of the Central Bank of Nigeria, Dr Yemi Cardoso, to commence the account opening at the DMO as the Bureau of Public Enterprises proposed.

The decision was reached at the council’s maiden meeting in the Vice President’s conference room of the State House, Abuja.

The Senior Special Assistant to the VP on Media and Communications, Stanley Nkwocha, disclosed this in a statement he signed on Tuesday titled, ‘NCP hits ground running, sets up committee on restructuring of Bank of Agriculture.’

This came 10 months after the NCP, chaired by former Vice President Yemi Osinbajo, approved the appointment of Mainstream Energy Solutions Limited as the preferred bidder for the concession of the Zungeru Hydroelectric Power Plant.

At the meeting in February 2023, the Director-General of the Bureau for Public Enterprises, Dr Alex Okoh, presented a memo seeking the council’s approval of Mainstream Energy Solutions Limited as the preferred bidder in the concession of the power plant.

Tuesday’s meeting also saw the creation of an ad hoc committee to speed up the restructuring and resuscitation of the Bank of Agriculture.

The VP emphasised the importance of the tasks before the new council, particularly the rejuvenation of BOA, among others.

Speaking after the presentation of the agenda and matters arising by the Director-General of the BPE, Dr Alex Okoh, Shettima listed the composition of the ad hoc committee, saying a lot will depend on the decisions of the council in the months ahead.

“We have to make some far-reaching decisions on the restructuring of the Bank of Agriculture because the bank will be critical to the realisation of the Renewed Hope Agenda of the Tinubu administration. It is very important for us and for this administration,” he noted.

According to the Vice President, the Finance Minister, Mr Wale Edun, will chair the ad hoc committee, while members will include the minister of Agriculture and Food Security, Sen. Abubakar Kyari; Minister of Budget and Economic Planning, Sen. Atiku Bagudu; CBN Governor, Dr Yemi Cardoso; Rep of the Ministry of Finance Incorporated; Chairmen of the NCP Technical and Legal Committees; a member of the NCP, Mohammed Bintube; and the DG BPE, who will serve as Secretary.

Shettima urged the committee to develop a roadmap for the resuscitation of the BOA, among other resolutions.

In his opening address, the VP had earlier set the tone for the deliberations, urging members to take every task seriously.

“We will be meeting more frequently because we have to support the President to execute the Renewed Hope Agenda,” he noted.

Another decision taken at Tuesday’s meeting was the ratification of constituted standing committees for the Council, comprising the Technical, Stakeholder Engagement, Finance, and Legal committees.

Also approved at the maiden NCP meeting was the 2024 work plan of the Bureau of Public Enterprises covering its privatisation activities and participation in international forums to attract interest in the country’s privatisation programme.

Present at the meeting were the Minister of Finance and Coordinating Minister for the Economy, Mr Wale Edun; Minister of Agriculture and Food Security, Sen. Abubakar Kyari; Minister of Budget and Economic Planning, Sen. Abubakar Bagudu; Minister of Steel Development, Shuaibu Audu; Minister of Transportation, Sa’idu Alkali; CBN Governor, Dr Yemi Cardoso; and Chairman of the reconstituted Technical Committee, Mr Oye Odukale, among other Council members.