July 01 (THEWILL) – The National Privatization Council (NCP) has approved the composition of the board of directors and proposed a governance framework for the sustainable management and payment of post-privatization debts of the electricity sector transferred to the Nigerian Electricity Liability Management Company (NELMCO) Board.
The Board also approved the acceleration of the work plan for the Zungeru Hydropower Plant (ZHPP) concession.
A statement issued Friday by Laolu Akande, spokesman for the vice president, said the development was among the highlights of Thursday’s Council meeting.
Akande said it was the Council’s third meeting in 2022, held at the Presidential Villa and chaired by Vice President Yemi Osinbajo.
The composition of NELMCO’s Board of Directors includes the Minister of Finance, as Chairman; while members will include the Minister of Energy; Director General, Office of Public Enterprises (BPE); Director General, Debt Management Office (DMO); Managing Director, NELMCO; and all of its executive directors. It was also resolved that two key private sector members be included on the board.
Also at the meeting, the Board noted that the main objectives of the Zungeru Hydropower Plant concession include mobilizing private sector access to finance and reducing dependence on government budgetary allocations. to finance the China EXIM Bank loan; and leverage efficiencies and a better management (maintenance) culture of private sector facilities for the long-term preservation of the asset.
The Board had, at its December 2020 meeting, approved the ZHPP concession.
Similarly, Council was briefed on the Performance Assessment Report of the Nine Electricity Distribution Companies (DISCO), which was forwarded to the Nigerian Electricity Regulatory Commission (NERC), the regulatory body. industry, for further review and action.
During the meeting, the Board noted that a thorough performance evaluation revealed that most of the performance targets set had not been met by the 9 DISCOs.
The meeting was attended by members of the council, including federal ministers and representatives of federal ministries, such as the Minister of Water Resources, Engr. Suleiman Adamu; Bureau of Public Enterprises (BPE) Director General Alex Okoh; heads of MDAs and other senior officials.
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