FG to rake in N60b from sale of PHCN assets

The Nigeria Electricity Liability Management Company (NELMCO) will realise N60billion from the sales of the Power Holding of Nigeria Company (PHCN) core assets, it was learnt yesterday.


The proceeds, it was further gathered, will be added to the statutory allocation to the company for the settlement of PHCN creditors upon release of the 2012 budget.

NELMCO’s Managing Director, Mr. Sam Aigbogun, stated these yesterday.


He noted that although the company has not conducted proper evaluation on PHCN property, it has an idea that the assets are worth about N60billion.

He however explained that the amount is insignificant in relation to the total liabilities of the PHCN.


The NELCOM boss expressed hope that the company will commence payment to creditors since the 2012 appropriation bill is already before President Goodluck Jonathan for assent.

On the challenge of power shortage, Agbogun called for appropriate pricing for gas to encourage investors for adequate supply.


He explained that the complaints of most of the Independent Power Producers are related to gas. While commenting of the management contract of the Transition Company of Nigeria, which Manitoba Hydro International won last Tuesday, he explained that "it is wonderful step that the government has taken."


Aigbogun said it is unfair to allege the Federal Government has nothing to show in the power sector development.  All units of the Ministry of Power, he argued, have been doing their beats.  According to him, "There is no question of going over a circle. There is a roadmap. There is a target. We are all working towards that target.

‘’ BPE is working towards the target, the DISCOs are doing that, even NELMCO, the bulk –traders are working towards that target. It is just that in the power sector development has been delayed in achieving the timeline.’


Author: nmmin

Share This Post On