24.1 C
Lagos
September 26, 2022
Business

FG Approves NELMCO Board, Fast-Tracks Concession Of Zungeru Power Plant

A file photo of Vice President Yemi Osinbajo.

 

The National Council on Privatisation (NCP) 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.

This was among the highlights of the meeting of the Council presided over by Vice President Yemi Osinbajo on Thursday at the Presidential Villa in Abuja.

The council, during the meeting which was its third this year, also approved the fast-tracking of the work plan for the concession of the Zungeru Hydroelectric Power Plant (ZHPP) located in Wushishi Local Government Area of Niger State.

“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 (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,” Mr Laolu Akande who is the Vice President’s media aide disclosed in a statement on Friday.

“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 reducing 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.”

When members met in December 2020, the council approved the concession of the ZHPP.

According to Akande, the council was briefed on Thursday on the performance assessment report of the nine Electricity Distribution Companies (DISCOs), which has been forwarded to the Nigerian Electricity Regulatory Commission (NERC) for further review and action.

He said the council noted that a thorough performance assessment revealed that most of the set performance targets were not met by the nine DISCOs.

The meeting had in attendance council members including federal ministers and representatives of federal ministries such as the Minister of Water Resources, Suleiman Adamu; Director-General of BPE, Alex Okoh; heads of MDAs, and other senior government officials.



Related posts

Brent Crude Nears $140 Per Barrel, Headed Towards All-Time High

Buhari Signs 2022 Budget, Displeased With Changes Made By NASS

Gloria Ume-Ezeoke  Updated December 31, 2021

IMF Advises FG To Remove Fuel, Electricity Subsidies

Soonest Nathaniel  Updated November 21, 2021

Leave a Comment