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.
It also approved fast tracking of the work plan for the concession of the Zungeru Hydroelectric Power Plant (ZHPP).
These were the highlights of the third meeting of the Council this year presided over by Vice President Yemi Osinbajo at the State House, Abuja.
The composition of the NELMCO board include the Minister of Finance, as Chairman; while members include 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.
The Council at the meeting also noted that the key objectives of the Zungeru Hydroelectric Power Plant (ZHPP) 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.
NCP was similarly 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.
The Council further 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 Ministers, and representatives of Federal Ministries such as the Minister of Water Resources, Suleiman Adamu; Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh; heads of Ministries, Departments and Agencies (MDAs) and other top government officials.
