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PHCN assets: NELMCO saves N92bn for FG

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Gets BPSR’s excellent award

PHCN assets: NELMCO saves N92bn for FG

By Chris Ochayi – Abuja

The Nigeria Electricity Liability Management Company, NELMCO, announced yesterday that it has saved a total sum of N92 billion for Federal Government from its diligent negotiations of PHCN liabilities existing before the 2013 power privatization.

Managing Director of NELMCO, Mr. Nathaniel Adebayo Fagbemi, who disclosed this at the Company’s headquarters in Abuja, during the presentation of the report of the Bureau of Public Service Reforms, BPSR, Self Assessment Tool, SAT, said, the amount was saved through triangular verification model which he put in place.

Meanwhile, the Bureau of Public Service Reforms, BPSR, has bestowed the Managing Director of NELMCO, Mr. Adebayo Fagbemi with an award of excellence for exceeding expectations in essential areas of responsibilities.

The Director-General of BPSR, Dr. D.I. Arabi, who presented the report, said, “We are pleased to award a Gold level award –a public service agency that meets expectations.”

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Mr. Fagbemi, “We are here today to hear from BPSR the outcome of that which we subjected ourselves to. But hopeful, I believe that the report will be good.”

He thanked Buhari, minister, and other critical stakeholders for giving NELMCO support in delivering on its mandate.

Fagbemi also noted that NELMCO was set up based on the EPSR Act 2005 and transfer instrument gazetted in 2005.

According to him, “We have been able to save N89bn for the federal Government with the methodology we put in place and we saved N1.8bn with the triangular verification model we put in place. With this, we have saved a total of about N92bn.”

Fagbemi who said NELMCO was the first agency to deploy SAT in the power sector, noted that NELMCO has a unique mandate from all other agencies in Nigeria.

With the proper management of the liabilities, Fagbemi said there were no complaints from power firms about PHCN liabilities affecting their operations. “Rather than our liabilities increase in, we have been able to manage it because of the methodologies we put in place.”

The agency also said it has an approved four-year projection on how it would clear all liabilities by 2022 to end its operations.

The Director-General of BPSR, Mr D. I. Arabi who presented the report recalled, the Federal Government introduced the tool to enable agencies to understand their strengths and weaknesses, and improve their performance.

He said, “The most critical organisation goals were met. We are pleased to give the Gold Level Award – a public service agency that ‘meets expectations’. We have seen a performing MD that works efficiently to manage his human resources very well,” Arabi said.

He said the BPSR awarded a Gold Level Award to the agency for scoring over 86 percent on its transparent operations and liabilities’ management.

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In his remarks, the Minister of Power, Engr. Sale Mamman said the SAT was communicated by SGF to MDAs in 2019. “I am glad to know that NELMCO is the first agency that presented itself for this exercise.”

Represented by the Permanent Secretary, Federal Ministry of Power, Didi Walson-Jack, the minister urged BPSR to deploy its staff to other agencies in the power sector and the ministry, too.

He said, “It is our delight that an agency of the ministry of power has received the gold level certificate. We have heard it from the DG of BPSR, there will be no shutting down in 2022 for NELMCO.”


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