FG Approves Sale Of Building Owned By Defunct NITEL To Lagos Govt For N2.5bn

The National Council on Privatisation has approved the sale of a property located at 3-5 Moloney Street, Lagos belonging to defunct NITEL/MTEL and housing the Nigerian Postal Service (NIPOST), to Lagos State Government.

The approval for the sale of the house for the sum of N2.5bn was made on the request of the Bureau for Public Enterprises.

The 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.

The NCP, chaired by Vice President Yemi Osinbajo also gave approval for 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, February 21, 2023, also approved the commencement of the process of negotiations and the execution of the concession agreement with Mainstream Energy Solutions Limited.

According to Mr. Alex Okoh, Director-General of BPE, which serves as NCP Secretariat, Mainstream Energy Solutions Limited (MESL) was chosen among 11 other companies after a technical evaluation of the bids by BPE and other stakeholders.

Zungeru Hydroelectric Power Station is a 700 megawatts (940,000 hp) hydroelectric power plant under construction in Niger State.

When completed, as expected, it will be the second-largest hydroelectric power station in the country, behind the 760 megawatts (1,020,000 hp) Kainji Hydroelectric Power Station.