The Federal Government has officially transferred operations of the Zungeru Hydroelectric Power Plant to Penstock Limited.
The move is expected
to boost power generation capacity and contribute significantly to meeting the
country's growing energy demands.
Meanwhile, the
Federal Government revealed plans to recapitalize and restructure the Bank of
Agriculture (BoA) to bolster Nigeria's agricultural sector and achieve national
food security.
Vice President Kashim
Shettima spoke yesterday during the first meeting of the National Council on
Privatisation (NCP) for the year 2024 at the Presidential Villa, Abuja.
Speaking at the
meeting, the Vice President 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.
According to a
statement issued by Senior Special Assistant to the President on Media and
Publicity, Office of the Vice President, Stanley Nkwocha, the Vice President
however, expressed concern about the bank's current practices, particularly its
tendency to disburse unsustainable loans.
Shettima advocated
modernisation of the BoA, emphasising the need to leverage technology and
upgrade branch facilities, urging that embracing modern financial systems would
enable the bank to function more effectively and fulfill its vital role in
supporting agricultural development.
He further alluded 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,” he said.
Currently, a
committee led by the Minister of Finance and Coordinating Minister of the
Economy, Wale Edun, is finalising a report on the BoA's recapitalization and
restructuring, while key decisions have been made, and further updates are
expected soon.
Also at the meeting,
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.
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, officially transferring the plant's operations
to Penstock Limited.
The Council also
received updates on the report on the sale of NITEL/MTEL property at Moloney
Street, Lagos.
It was noted that
efforts are ongoing to evict illegal occupants and resolve the court case on
the property.
On the audit of
NIPOST properties nationwide, it was noted that the Bureau of Public
Enterprises (BPE) has provided detailed information to the Minister of
Communications, Innovation and Digital Economy, and Postmaster-General to
assist with the ongoing Postal Sector Reform, facing pushbacks from NIPOST and
unions.
On the Federal
Mortgage Bank (FMB) restructuring, it was noted that the bank's management has
submitted nominations to the Implementation Committee which is expected to
commence work shortly.
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