NCP okays sale of defunct NITEL property in Moloney to Lagos State

The National Council on Privatisation (NCP) has approved the appointment of Mainstream Energy Solutions Limited (MESL) as the preferred bidder for the concession of the Zungeru Hydroelectric Power Plant. The NCP, which held its second meeting of the year on Tuesday, is chaired by Vice President Yemi Osinbajo, SAN, with members drawn from the public and private sectors. The meeting also approved the commencement of the process of negotiations and the execution of the concession agreement with Mainstream Energy Solutions Limited. The approvals were some of the highlights of the Council meeting held at the Presidential Villa.

Mr. Alex Okoh, the Director General of the Bureau for Private Enterprises, which serves as NCP Secretariat, presented a memo seeking the Council’s approval of Mainstream Energy Solutions Limited as the preferred bidder in the concession of the Zungeru HydroElectric Power Plant. According to him, Mainstream Energy Solutions Limited was chosen among 11 other companies after a technical evaluation of the bids by the Bureau and other stakeholders. After deliberations by members, Council approved BPE’s recommendations. Council also approved, on the request of BPE, the sale of a property located at Nos. 3-5 Moloney Street, Lagos, (belonging to defunct NITEL/MTEL and housing the Nigerian Postal Service (NIPOST), to the Lagos State Government for the sum of N2.5 billion. 

NCP also directed the BPE to conduct a nationwide audit of NIPOST properties to ascertain their current state and identify any forms of encroachment on them. NCP members in attendance at the meeting included the Minister of Finance, Budget & National Planning, who is also the Vice Chair, Mrs Zainab Ahmed, Ministers of Power, Engr. Abubakar Aliyu; Water Resources, Engr. Suleiman Adamu; Industry, Trade and Investment, Otunba Niyi Adebayo; Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, among others.