FG APPROVES BOARD TO OVERSEE PAYMENT OF LIABILITIES IN POST PRIVATIZATION OF POWER SECTOR
The National Council on Privatization says the Federal Government has at a meeting presided by the Vice President Prof Yemi Osinbajo approved the appointment of a Board to oversee the payment of liabilities in the post privatisation of the power sector
The board is made up of the Minister of Finance, Budget and National Planning, Dr(Mrs) Zanaib Ahmed. Being the head, Ahmed is expected to oversee the day to day administration of the board.
Other members appointed to assist Ahmed in the administration of the board include Minister of Power, Engr Aliyu Abubakar, Director General, Bureu of Public Enterprises ( BPE), Mr Alex Okoh, Director General, Debt Management Office( DMO), Mrs Patience Oniha, Managing Director, Nigeria Electricity Liability Management Company ( MELMCO), Mr Adebayo Fagbemi, all executive directors of NELMCO and two private sector members.
The government established NCP to oversee the sales of the unbundled assets of the defunct Power Holding Company of Nigeria (PHCN) to private investors in 2004.
In a statement by NCP obtained by GREATRIBUNETVNEWS, the agency said that the need to provide appropriate governance framework and sustainable management of the affairs of NELCOM necessitated the constitution of the Board.
The statement reads: ‘”The government 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) which hitherto was without a Board.”
It further said that approval of board to manage post privatisation liabilities of firms in the sector was one of the major decisions taken by the Council at its 3rd meeting in 2022.
The meeting, it said, which was presided over by the Vice President, Prof Yemi Osinbajo on June 30 this year, took place at the Presidential Villa, Abuja