Vice President Kashim Shettima has charged members of the National Council on Privatisation (NCP) to prioritise national interest in all privatisation-related transactions, emphasising the need for transparency, accountability, and strict legal due diligence.

Speaking at the second NCP meeting of 2025 held on Wednesday at the Presidential Villa, Abuja, Shettima underscored the council’s responsibility to safeguard Nigeria’s economic future through meticulous oversight of privatisation deals.

“Our legal committee must ring-fence every transaction,” the Vice President said. “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 explain how it was conducted.”

He emphasised that thorough legal and financial vetting is essential to prevent costly litigation or reputational damage in the future.

Presiding over the meeting in his capacity as NCP chairman, Shettima noted that the council bears both legal and moral responsibility in the execution of its mandate and must operate with the highest standards of integrity.

During the meeting, the council reviewed several key privatisation initiatives. These included the proposed divestment of shares in the Ibadan Electricity Distribution Company (DisCo) by acquisition lenders, delineation of assets and liabilities in the Transmission Company of Nigeria (TCN-NISO), and a review of the concession agreement for the Zungeru Hydroelectric Power Plant.

The council also received updates on the $500 million World Bank-funded Distribution Sector Recovery Programme (DISREP), which aims to improve power distribution infrastructure and efficiency.

Additionally, briefings were presented on ongoing dispute resolution efforts involving entities in the power sector and the Bureau of Public Enterprises (BPE).

The NCP plays a central role in shaping Nigeria’s privatisation and economic reform agenda, with its decisions impacting key sectors including energy, infrastructure, and utilities.