FG appoints Board for NELMCO

By Editor

The Federal Government has appointed a board for the Nigeria Electricity Liability Management Company Ltd, NELMCO.

Until the new decision, announced by the Bureau of Public Enterprises, BPE, yesterday in Abuja, the NELMCO had no board.

This development has raised hopes for the settlement of legacy debts owed by the defunct Power Holding Company of Nigeria, PHCN, which were taken over by the to Nigeria Electricity Liability Management Company Ltd, NELMCO.

The BPE said that the National Council on Privatisation, NCP, 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.

BPE said that the new Board was headed by the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed

Members of the Board included the Minister of Power, Engr. Aliyu Abubakakar; D-G of BPE, Mr. Alex Okoh; and the D-G Debt Management Office(DMO), Mrs. Patience Oniha.

Others include the Managing Director of Nigeria Electricity Liability Management Company, NELMCO, Mr. Adebayo Fagbemi, all Executive Directors of NELMCO; and two private sector members

The Board is expected to provide appropriate governance framework and sustainable management of the NELMCO’s affairs as contained in the provisions of its Memorandum and Articles of Association, MEMART, necessitated by the constitution of the Board.