Reps commence investigation of sale of PHCN asset

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The House of Representatives Committee mandated to investigate the status of Power Holding Company of Nigeria, PHCN, non-core asset transferred to Nigeria Electricity Management Company, NELMCO, on Thursday commenced its activities.

The ad-hoc committee, inaugurated on October 20, 2016, was also mandated to investigate the liquidation of PHCN under the Electricity Power sector reform Act, under the supervision of Bureau of Public Enterprises (BPE).

Wole Oke (PDP-Osun) who made the statement on Thursday in Abuja at the inaugural meeting of the ad-hoc committee said members had put necessary measures in place to conduct hitch-free investigation.

Mr. Oke said: “at the end of the motion, the House resolved to mandate the committees on Power, Public Procurement and Privatisation to investigate the status and sale of all non-core assets under the PHCN regime.

“The committee is also expected to ascertain the methodology that was used for liquidation; whether such properties were well valued.

“The committee is to ascertain whether the agencies ensure full compliance in the sale of properties that have not been sold and if such funds were transferred to the Federal Government.”

He said that members of the ad-hoc committee resolved to set up sub-committee, chaired by Jonathan Gaza (PDP-Nasarawa), to undertake the process of ensuring effective take-off of the activities of the joint committees.

He assured Nigerians of the resolve of the committee members to determine the actual amount realised from the privatisation of public assets by the previous administration.

“We are aware that there are thousands of properties under the former PHCN scattered across the length and breadth of this country which we need to look at how they were liquidated.

“Although, the task ahead of us to achieve result is enormous, but with your cooperation, we can achieve a lot on this assignment,” Mr. Oke said.

Mr. Oke stated that in the course of its investigation, the ad-hoc committee would interface with various stakeholders including the investors, relevant workers’ unions and regulatory agencies involved in the sale of public assets.

“The agencies include BPE and management team of Federal Ministry of Power, Nigerian Electricity Regulatory Commission (NERC), among others,” he said.

In his remarks, Jonathan Gaza, the chairman of the sub-committee inaugurated to conduct preliminary investigation, assured that the exercise would be diligently carried out.

“We will do all we can to ensure that the investigation is not jeopardised.

“It is our determination to put our country first and put it on the path of prosperity.

“It is our determination to use this medium to do justice; we will not let the country down,” Mr. Jonathan assured.

(NAN)

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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