House probe NDPHC over utilisation of $20bn power project fund

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January 29, Lagos Nigeria, Naija247news. Nigeria’s  House of Representatives yesterday resolved to probe the Niger Delta Power Holding Company Limited (NDPHC) over its utilisation of funds voted for various power projects.

Also, the House has commenced an investigation into the status of Power Holding Company of Nigeria (PHCN) non-core assets transferred to the Nigeria Electricity Management Company (NELMCO) and executed by the Bureau of Public Enterprises (BPE) during the liquidation of PHCN.

Adopting a motion sponsored by Hon. Mark Terseer Gbillah, yesterday, the lawmakers leveled several allegations against the NDPHC. Gbillah accused the NDPHC of refusing to be held accountable by the National Assembly.

He cited infractions committed by the outfit thus: “We are concerned that a company with majority shareholding held by the Federal Government which manages the utilisation of over $12 billion already approved by the National Assembly and the National Council of State since its incorporation in 2005, has failed to submit its annual budget and project plans for appropriation by the National Assembly.”

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Joseph Afam (Local Contents and Partnership Editor) (070 3949 0464) Joseph Afam is a energy and finance journalist, who has years of experience in journalism, he started his journalism career in Nigeria’s top financial newspaper in Lagos. He’s a graduate of Economics and Finance from University of Ebonyi State, Nigeria He has won series of awards and regconitions Contact him for any editorial deals and advertorial issues on # Joseph.Afam@naija247news.com, editor@naija247news.com, Cell: 070 3949 0464

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