The Zungeru Hydroelectric Power Plant operations have been officially handed over to the concessionaire, Penstock Limited, marking a significant move to enhance Nigeria’s power generation capacity. The announcement came during the first meeting of the National Council on Privatisation (NCP) in 2024, held at the Presidential Villa in Abuja. The transfer is anticipated to contribute substantially to meeting the country’s growing energy needs. The Concession Agreement, signed on December 13, 2023, between the Bureau of Public Enterprises (BPE) and Penstock Limited, received NCP approval. Penstock Limited fulfilled its obligation by paying 50% of the commencement fees on January 5, 2024.
Vice President Kashim Shettima, who chaired the meeting, also unveiled government plans to recapitalise and restructure the Bank of Agriculture (BOA) to strengthen Nigeria’s agricultural sector and achieve national food security. Shettima highlighted BOA’s potential to play a central role in national food security, given its extensive branch network across all senatorial districts. However, he expressed concerns about the bank’s current practices, particularly its tendency to disburse unsustainable loans. Shettima advocated for the modernisation of BOA, emphasizing the importance of leveraging technology and upgrading branch facilities. Embracing modern financial systems, he argued, would enhance the bank’s efficiency and enable it to effectively support agricultural development.
