By Kunle Sanni –
Vice President Kashim Shettima has called on members of the National Council on Privatization (NCP) to place national interest above all else in managing the country’s privatization efforts, stressing the need for transparency, accountability, and rigorous legal oversight.
Speaking at the council’s second meeting of 2025, held Wednesday at the Presidential Villa in Abuja, Shettima warned against the risk of flawed transactions that could expose Nigeria to legal disputes or financial losses in the future.
“Our legal committee must ring-fence every transaction,” he said. “We are almost always vulnerable to arbitration and being shortchanged. Every transaction must be subjected to microscopic scrutiny.”
As chairman of the NCP, Shettima reaffirmed the council’s legal and moral duty to protect Nigeria’s economic interests through careful evaluation of privatization deals.
Key issues reviewed at the meeting included the planned divestment of shares in the Ibadan Electricity Distribution Company, asset delineation for the Transmission Company of Nigeria, and the concession framework for the Zungeru Hydroelectric Power Plant.
The council also examined progress on the World Bank-backed $500 million Distribution Sector Recovery Programme (DISREP) and ongoing dispute resolution efforts within the power sector.
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