By Egena Sunday Ode
Vice President Kashim Shettima has implored members of the National Council on Privatisation (NCP) to conduct all transactions with the highest regard for public interest, stressing the need for transparency, accountability, and legal due diligence in Nigeria’s privatisation process.
Specifically, he stressed the need for rigorous oversight on the transactions to prevent future legal proceedings and financial losses for the country, according to a statement by the Spokesman to the Vice President, Stanley Nkwocha.
The statement quoted the VP to have spoken on Wednesday during the 2nd NCP meeting for the year 2025 held at the Presidential Villa, Abuja, the Vice President said the Council had a legal and moral responsibility to protect the nation’s economic future.
“Our legal committee must ring fence every one of these transactions. We are almost always vulnerable to arbitration and being shortchanged. Every transaction must be subjected to microscopic scrutiny so that ten years down the line, we will not be called upon to offer explanations as to how we conducted the transaction,” he stated.
Chaired by the Vice President, the meeting reviewed several major privatisation initiatives, including the divestment of shares in Ibadan Disco by acquisition lenders, assets and liabilities delineation for Transmission Company of Nigeria (TCN-NISO), and a review of the concession agreement for Zungeru Hydroelectric Power PLC, the statement said.
It added that the council also received updates on the World Bank’s $500 million Distribution Sector Recovery Programme (DISREP) as well as updates on various dispute settlements involving power sector entities and the Bureau of Public Enterprises.
