In 2015, Interaf Power Development Co. Ltd, a wholly indigenous energy development company partnered with PowerChina International Group (Sinohydro) to embark on new feasibility studies for the Makurdi Hydropower Dam Project. Makurdi Hydropower Project Co. Ltd [MHPCL] was incorporated in 2017 as a special purpose vehicle (SPV) to bring the Makurdi Hydroelectric Power Project to fruition.

The SPV’s mandate included a review of the existing studies as initially conceived, initial assessment of its current viability, identification and engagement of relevant stakeholders, and more importantly, the conduct of detailed technical and financial feasibility studies which were carried out between December 2015 and July 2017. An Outline Business Case (OBC) derived from these studies was submitted to the Federal Ministry of Power and the Federal Ministry of Water Resources, respectively, for consideration, and after it was found viable, was submitted by the Federal Ministry of Power to the Infrastructure Concession Regulatory Commission [ICRC], which evaluated the OBC and issued a NO OBJECTION CERTIFICATE in October 2018.

After further value engineering and optimization, an updated Outline Business Case (OBC) was submitted to the Bureau of Public Enterprises [BPE] in December of 2021 for development concession consideration under a Private-Public-Partnership framework. The updated OBC was re-certified by the ICRC in August 2022, and included the following: