By Way to boost Nigeria’s Electricity Generation Capacity by 700 Federal Government has Formally transferred Operations of the Zungeru Hydroelectric Power Plant to Penstock Limited

By Abdul Rahman Bangura-

Photo Credit: gegridsolutions.com

NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- This circumstance is anticipated to bolster Nigeria’s power generation capacity and contribute immensely into the nation’s thriving energy demands.

The National Council on Privatization (NCP) for the year 2024 at the Presidential Villa in Abuja divulged on past Tuesday during the maiden conference of NCP.

Stanley Nkwocha – Spokesperson of Nigeria’s Vice President disclosed agendas by the Federal Government to recapitalize and restructure the Bank of Agriculture (BOA) to strengthen Nigeria’s agricultural sector and attain national food security.

He remarked the potential of BOA to fiddle a pivotal function in strengthen national food security, referencing its extended branch networks across all senatorial districts in Nigeria. Thus, he highlighted about the bank’s present practices, particularly its intentions to distribute unsustainable loans.

Senator Shettima advocated modernization of the BOA, affirming the desire to level up technology and upgrade branch facilities, exhorting that, accepting modern financial systems would enhance the bank to function the more effectively and accomplish its critical role in enabling agricultural advancement.

He augmented to the potential of the Green Imperative Project, proposing its integration with the BOA’s restructuring plans.

“For me, we can marry the Green Imperative Project while we are going to bring in assorted agricultural machinery. Every farmer should be given a tractor, harvester and other necessary machinery. We can take in the latest advances in science and technology and make it possible to track these items so that divergence can be minimized.

“We have no business being poor. Nigeria must attain national food security. Let us leverage science and technology. There are three or four states that can feed the whole of this country,” the VP noted.

Presently, a committee steered by the Minister of Finance and Coordinating Minister of the Economy – Wale Edun, is completing a report on the BOA’s recapitalization and restructuring, as well as key decisions have been made, and further updates are anticipated in the near future.

Th NCP disclosed critical progression in the Zungeru Hydroelectric Power Plant (ZHPP) concession, encircling the official transfer of the plant’s operations to Penstock Limited.

The Concession Agreement was autographed on December 13th, 2023, by the Bureau of Public Enterprises (BPE) and Penstock Limited. Pursuing Council’s approval, the Concessionaire fulfilled its obligation by paying 50% of the commencement fees on January 5th, 2024.

The official handover ceremony was on January 23rd, 2024, officially transferring the plant’s operations to Penstock Limited. The Council same received updates on the report on the sale of NITEL/MTEL property at Moloney Street, Lagos.

It was evidenced that; strides are ongoing to evoke illegal occupants and resolve the court case on the property. On the audit of NIPOST properties nationwide, it was remarked that, the Bureau of Public Enterprises (BPE) has given information to the Minister of Communications, Innovation and Digital Economy, and Postmaster General to enhance with the ongoing Postal Sector Reform, facing pushbacks from NIPOST and unions.

On the Federal Mortgage Bank Restructuring, it was stated that the bank’s management has given nominations to the Implementation Committee which is expected to commence work shortly.

For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent