Vice President Yemi Osinbajo inaugurated a ten-man board for the Nigeria Electricity Liability Management Company (NELMCO), over the weekend, according to a statement signed by his Senior Special on Media and Publicity, Laolu Akande.
The statement titled, FG moves to resolve tariff shortfalls in power sector, outlines six things that the new board must do to meet its mandate of resolving the liabilities relating to tariff shortfalls for power distribution companies in the country.
The vice president also mandated the board, which also has as members, the ministers of Finance and that of Power, to protect the interests of the society, particularly ordinary citizens.
Before Friday’s inauguration, NELMCO has been running without a duly constituted board since the first board was inaugurated in 2013 and dissolved in August 2015.
Here are five things, Osinbajo demanded of the new board some of which are mandated in the company’s Memorandum and Articles of Association of the Company (MEMART).
Develop appropriate strategies to facilitate the successful conclusion of the outstanding pre-privatisation issues of the defunct PHCN, and ensure effective implementation of NELMCO’s additional mandate to resolve the tariff shortfall problems of the Electricity Distribution Companies. Give credence to the Federal Government of Nigeria’s economic development programme in a transparent, sustainable, credible and acceptable manner. Ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of NELMCO’s mandate. Carry out the responsibilities assigned to the board in accordance with the provisions of the Memorandum and Articles of Association of the Company. To assume and administer the stranded debts of the defunct Power Holding Company of Nigeria Plc pursuant to the provisions of the 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
What board members are saying
In her remarks, the Board Chairperson and Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, assured Osinbajo of the board’s preparedness to ensure quick resolution of tariff shortfalls and related issues in the power sector in the most efficient manner.
Other members of the board include the Minister of Power, Abubakar Aliyu, Director General of Bureau for Public Enterprises, Mr. Alex Okoh, Director General of Debt Management Office, Ms. Patience Oniha,
Managing Director of NELMCO, Mr. Bayo Fagbemi, Mr. Muhammad Jumma’a, Mr. Olufunso Olukoga, Dr. Chinedum Orisakwe, Mojoyinoluwa Dekalu-Thomas and Dr. Nurain Ibrahim. Mr. of Finance Mr. of Power
BPE takeover of DISCOs
Meanwhile, the BPE Director-General, Mr. Alex Okoh, has said the take-over of four electricity Distribution Companies namely; Kaduna, Kano, Ibadan and Port Harcourt DISCOs has been concluded successfully.
Okoh, who disclosed this in a presentation made at a virtual meeting of the National Council on Privatisation held on Tuesday, August 16, added that the challenge in the takeover of the Benin DISCO is being addressed.