Abuja – Vice President Yemi Osinbajo has inaugurated the
board of the Nigeria Electricity Liability Management Company (NELMCO) as part of efforts to resolve liabilities relating to tariff shortfalls for electricity distribution companies.
Laolu Akande, the Senior Special Assistant on Media and Publicity to the Vice President disclosed this in a statement in Abuja on Sunday.
Akande quoted Osinbajo as saying that the board will also tackle other challenges plaguing Nigeria’s power sector.
Osinbajo at the virtual inauguration of the board of NELMCO on Friday in Abuja said the company had been running without a duly constituted board since the first one was inaugurated in 2013 and dissolved shortly after.
“Today’s inauguration marks an important milestone in the bid to resolve the liabilities relating to tariff shortfalls in the power sector (specifically for Distribution Companies), and to provide a veritable mechanism for managing the very dynamic nature of the liquidity challenges of the power sector in Nigeria.”
“This ceremony formally brings on board the invaluable skills and experience of notable and highly respected personalities as members of the Board of NELMCO,” the Vice President said.
He charged members of the board members to make conscious and deliberate efforts to develop appropriate strategies to facilitate the successful conclusion of the outstanding pre-privatisation issues of the defunct PHCN.
Osinbajo further charged the board to ensure an effective implementation of NELMCO’s additional mandate to resolve the tariff shortfall problems of the Electricity Distribution Companies.
“In view of the challenges ahead, you are expected to draw extensively on our experience over the years, to continue to give credence to the Federal Government of Nigeria’s economic development programme in a transparent, sustainable,credible and acceptable manner.
“The Board is required to take appropriate steps to also ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of NELMCO’s mandate,” the VP added.
On the board’s mandate, Osinbajo admonished members “to diligently carry out the responsibilities assigned to the board in accordance with the provisions of the Memorandum and Articles of Association (MEMART) of the Company.”
Some of the provisions of the MEMART of the Company include:
“To assume and administer the stranded debts of the defunct Power Holding Company of Nigeria (PHCN) Plc pursuant to the provisions of Electric Power Sector Reform Act 2005.
“To manage post-privatisation liabilities in the power sector
as may be directed by the National Council on Privatisation, or any authorized agency of the Federal Government from time to time in line with the power sector reform act 2005.”
The Chairman of the newly inaugurated board who is also the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, assured that the board is prepared to ensure quick resolution of tariff shortfalls and related issues in the power sector in the most efficient manner.
Other members of the board are the Minister of Power, Engr. Abubakar Aliyu, Director-General, Bureau for Public Enterprises (BPE), Mr. Alex Okoh, Director-General, Debt Management Office (DMO), Ms. Patience Oniha, Managing Director of NELMCO, Mr Bayo Fagbemi, Mr Muhammad Aliyu Jumma’a, Mr Olufunso Olutola Olukoga, Dr Chinedum Orisakwe,
Mojoyinoluwa Dekalu-Thomas and
Dr Nurain Hassan Ibrahim. (vitalnewsngr.com)