NCP Fast-tracks Zungeru Power Plant Concession, Approves NELMCO Board

The National Council on Privatisation (NCP) has approved fast-tracking of the work plan for the concession of the Zungeru Hydroelectric Power Plant (ZHPP).

The council also has approved the board composition and proposed governance framework for the sustainable management and payment of post-privatisation liabilities of the power sector transferred to the Nigerian Electricity Liability Management Company (NELMCO) Board.

These were among the highlights of the meeting of the Council on Thursday, its third in 2022, at the Presidential Villa in Abuja, presided over by Vice President Yemi Osinbajo, SAN.

According to a statement by the spokesman of the vice president, Laolu Akande, the composition of the NELMCO board include the Minister of Finance, as chairman; while members will comprise the Minister of Power; Director General, Bureau of Public Enterprises (BPE); Director General, Debt Management Office (DMO); Managing Director, NELMCO; and all its Executive Directors.

It was also resolved that two key members from the private sector be included in the board.

RELATED

Freight Rate: Nigeria Loses N7.2trn Annually To Foreign Firms – Report

6 minutes ago

CBN Imposes $50 Charge On Non-Resident BVN

12 minutes ago

Also at the meeting, the Council noted that the key objectives of the Zungeru Hydroelectric Power Plant concession include leveraging private sector access to finance and reduce reliance on government budgetary allocation to fund the China EXIM Bank loan; and leveraging efficiencies and better facility management (maintenance) culture of the private sector for the long-term preservation of the asset.

The Council had, in its December 2020 meeting, approved the concession of the ZHPP.

Similarly, the Council was briefed on the performance assessment report of the nine Electricity Distribution Companies (DISCOs), which has been forwarded to the Nigerian Electricity Regulatory Commission (NERC), the sector regulator, for further review and action.

At the meeting, the Council noted that a thorough performance assessment revealed that most of the set performance targets were not met by the 9 DISCOs.

The meeting had in attendance council members including Federal Ministers, and representatives of Federal Ministries such as the Minister of Water Resources, Engr. Suleiman Adamu; Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh; heads of MDAs and other senior government officials.