The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed is to head the Governing Board of the Nigeria Electricity Liability Management Company Ltd. (NELMCO).
This followed the approval by the National Council on Privatisation (NCP) of the immediate composition and the proposed governance framework for the sustainable management and payment of post-privatisation liabilities of the power sector transferred to NELMCO, which hitherto was without a board.
The approval by the NCP chaired by the Vice President, Prof. Yemi Osinbajo was one of the major decisions taken by the Council at its third meeting for 2022 held at the Presidential Villa, and presided over by him.
NELMCO is a Special Purpose Entity (SPE) created by the federal government, and saddled with the responsibility of managing the liabilities and non-core assets of the defunct Power Holding Company of Nigeria (PHCN).
According to a statement issued by the Head, Public Communications, Bureau of Public Enterprises (BPE), Ibeh Uzoma Chidi, the new board headed by the finance minister also has the Minister of Power, Aliyu Abubakakar; Director General of the BPE, Mr. Alex Okoh; Director General of the Debt Management Office(DMO), Ms. Patience Oniha; and the Managing Director of NELMCO, Mr. Adebayo Fagbemi as well all executive directors of the company and two private sector members.
The NCP noted the need to ensure an 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 the constitution of the board.
