Reps To Review Sale Of PHCN Assets

The House of Representatives Committee mandated to investigate the status of Power Holding Company of Nigeria (PHCN), non-core assets transferred to Nigeria Electricity Management Company (NELMCO) on Thursday commenced its activities.

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House of reps

A committee of the House of Representatives, which was inaugurated on Oct. 20, 2016, was also mandated to investigate the liquidation of PHCN under the Electricity Power sector reform Act, under the supervision of Bureau of Public Enterprises (BPE), began activities on Thursday. The committee will be reviewing the transfer of PHCN’s non-core assets to Nigeria Electricity Management Company (NELMCO).

The reason for the investigation is to determine the actual amount realised from the privatisation of public assets by the previous administration. The committee assures Nigerians that measures are being put in place to ensure that the investigation in completely hitch-free.

According to Rep. Wole Oke (PDP-Osun), statement at the inaugural meeting of the committee, the committee has chosen to set up a sub-committee to undertake the process of ensuring effective initiation of the activities of the committees. This sub-committee is to be chaired by Rep. Jonathan Gaza (PDP-Nasarawa).

Wole Oke said, “at the end of the motion, the House resolved to mandate the committees on Power, Public Procurement and Privatisation to investigate the status and sale of all non-core assets under the PHCN regime.

“The committee is also expected to ascertain the methodology that was used for liquidation; whether such properties were well valued.

“The committee is to ascertain whether the agencies ensure full compliance in the sale of properties that have not been sold and if such funds were transferred to the Federal Government.”

“We are aware that there are thousands of properties under the former PHCN scattered across the length and breadth of this country which we need to look at how they were liquidated.

“Although, the task ahead of us to achieve result is enormous, but with your cooperation, we can achieve a lot on this assignment,”Oke said.

Chairman of the sub-committee, Rep. Jonathan Gaza, in his address, reassure the house that the investigation will be carried out with due diligence.

“We will do all we can to ensure that the investigation is not jeopardised. “It is our determination to put our country first and put it on the path of prosperity. “It is our determination to use this medium to do justice; we will not let the country down,” Jonathan assured.

The House of Representatives resolved to probe the Niger Delta Power Holding Company Limited (NDPHC) over its utilisation of funds voted for various power projects.

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