Nigeria’s House Of Reps to Investigate Sale Of PHCN Non-core Assets

The House of Representatives has concluded plans to investigate the status and sale of non-core assets of the defunct Power Holding Company of Nigeria (PHCN) transferred to the Nigerian Electricity Liability Management Company (NELMCO) prior to the liquidation of PHCN.
The House mandated its committees on Power and Bureau of Public Enterprises (BPE) to ascertain the methodology that was used for the liquidation and whether such properties were well valued.
The committees were also mandated to ensure full compliance in the case of PHCN non-core properties that have not been sold and that proceeds from the sales are transferred to the coffers of the Federal Government, and report back to the House within four legislative weeks.
This is sequel to a motion brought before the House at yesterday’s plenary by Hon Chukwuemeka Ujam (PDP,Enugu).
Moving the motion, Ujam said in 2011, all non-core assets of the PHCN were transferred to NELMCO for disposal in line with the Electric Power Sector Reform Act.
He noted that these non-core assets worth several billion dollars and spread across the country and the world were supposed to be valued and then transferred for sale or put to use in order to recoup investments in the defunct PHCN.
He added that some of these properties have been leased at undervalued rates while some have been given away as gifts to electricity Distribution Companies (DISCOs) and called on the House to investigate the development.
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