July 4, 2022

Hope rises for legacy power sector creditors

Govt must alleviate pressure of losses in manufacturing sector  — CEO, Magnate Comms

…As FG appoints NELMCO Board

Emma Ujah, Abuja Bureau Chief

The federal government has raised hopes for the settlement of legacy debts owed by the defunct Power Holding Company of Nigeria (PHCN) which were taken over by the to Nigeria Electricity Liability Management Company Ltd (NELMCO).

The Bureau of Public Enterprises (BPE) said yesterday that the National Council on Privatisation (NCP) has approved the immediate composition and the proposed governance framework for the sustainable management and payment of post privatisation liabilities of the power sector transferred to Nigeria Electricity Liability Management Company Ltd (NELMCO).

Until the new decision, NELMCO had no board.

 BPE said that the new Board was headed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed

Members of the Board included the Minister of Power, Engr. Aliyu Abubakakar; D-G of BPE, Mr. Alex Okoh; and the D-G Debt Management Office(DMO), Mrs. Patience Oniha.

The rest were: the Managing Director of Nigeria Electricity Liability Management Company (NELMCO), Mr. Adebayo Fagbemi, all Executive Directors of NELMCO; and two private sector members

The Board is expected to provide appropriate governance framework and sustainable management of the NELMCO’s affairs as contained in the provisions of its Memorandum and Articles of Association (MEMART) necessitated by the constitution of the Board.