The Federal Government has handed over the operations of Zungeru Hydroelectric Power Plant Penstock Limited, a concessionaire company.
The announcement was made during the first meeting of the National Council on Privatisation (NCP) for the year 2024 at the Presidential Villa in Abuja on Tuesday.
This transfer is expected to increase Nigeria’s power generation capacity and help meet the country’s growing energy needs. The Concession Agreement was signed on December 13, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited.
After receiving approval from the NCP, the Concessionaire paid 50% of the commencement fees on January 5, 2024.
During the meeting chaired by Vice President Kashim Shettima, it was revealed that the Federal Government plans to recapitalize and restructure the Bank of Agriculture (BOA) in order to strengthen Nigeria’s agricultural sector and ensure national food security.
Vice President Shettima highlighted the importance of BOA in achieving national food security, pointing out its wide branch network across all senatorial districts in the country. However, he expressed concerns about the bank’s current practices, especially its tendency to provide loans that are not sustainable.
Senator Shettima proposed the modernization of BOA, stressing the importance of using technology and upgrading branch facilities. He believed that adopting modern financial systems would help the bank operate more efficiently and effectively in supporting agricultural development.
