The National Council on Privatisation (NCP) has approved the fast-tracking of the work plan for the concession of the Zungeru Hydroelectric Power Plant.
This was disclosed in a statement on Friday by the Senior Special Assistant to the Vice President on Media and Publicity, Laolu Akande.
He said the council 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 Board.
The statement said these were among the highlights of the Council’s meeting on Thursday, its third in 2022, at the Presidential Villa, presided over by Vice President Yemi Osinbajo.
The statement is titled ‘National council of privatisation approves NELMCO board, fast-tracks concession of Zungeru power plant.’
Mr Akande said the composition of the NELMCO board includes the Minister of Finance, as Chairman; while members will comprise the Minister of Power; Director General, Bureau of Public Enterprises; Director-General, Debt Management Office; 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.
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 long-term preservation of the asset.
The council had, in its December 2020 meeting, approved the concession of the ZHPP.
Also, the council was briefed on the performance assessment report of the nine Electricity Distribution Companies, which has been forwarded to the Nigerian Electricity Regulatory Commission, the sector regulator, for further review and action.
