The Nigerian federal government has officially transferred the Zungeru Hydroelectric Power Plant operations to Penstock Limited.
Stanley Nkwocha, Special Assistant to the President on Media and Communications in the Office of the Vice President, disclosed this in a statement on Tuesday.
The decision was reached during the first 2024 meeting of the National Council on Privatisation, NCP, at the Presidential Villa, Abuja.
According to him, the move is expected to boost Nigeria’s power generation capacity and significantly meet the country’s growing energy demands.
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.
Newspot recalls that 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.
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