FG approves governing board for power liability company

FG approves governing board for power liability company

The Federal Government has approved a governing board for the Nigeria Electricity Liability Management Company Limited.

It announced this in a statement issued in Abuja on Monday by the Head, Public Communications, Bureau of Public Enterprises, Ibeh Chidi.

The statement read in part, “The National Council on Privatisation 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 NELMCO which hitherto was without a board.

“This was one of the major decisions taken by the council at its third meeting for 2022 held at the Presidential Villa, Abuja on June 30, 2022, and presided over by the Vice President, Prof. Yemi Osinbajo “

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The BPE named the head of the new board as the Minister of Finance, Budget and National Planning, Zainab Ahmed.

It outlined other members of the board to include the Minister of Power, Aliyu Abubakakar; Director-General, BPE, Alex Okoh; and Director-General, Debt Management Office, Patience Oniha.

The remaining members include the Managing Director, NELMCO, Adebayo Fagbemi, all executive directors of NELMCO and two private sector members.

“Council noted the need to ensure an appropriate governance framework and sustainable management of NELMCO’s affairs as contained in the provisions of its Memorandum and Articles of Association (which) necessitated the constitution of the board,” the bureau stated.

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