Four power distribution businesses have been fully taken over by the federal government, which has also appointed the board of the Nigeria Electricity Liability Management Company.
Inaugurating the board of the Nigeria Electricity Liability Management Company, Vice President Yemi Osinbajo stated that the board would strengthen ongoing efforts to address liabilities linked to tariff deficiencies for power distribution firms countrywide.
In a statement signed by Laolu Akande, his Senior Special Assistant on Media and Publicity, Osinbajo was quoted as having made the claim during the virtual inauguration of the new 10-member board of NELMCO.
As stated by the Vice President, “today’s inauguration marks an important milestone in the bid to resolve the liabilities relating to tariff shortfalls in the power sector (specifically for Distribution Companies), and to provide a veritable mechanism for managing the very dynamic nature of the liquidity challenges of the power sector in Nigeria”.
“This ceremony formally brings on board the invaluable skills and experience of notable and highly respected personalities as members of the Board of NELMCO.”
The vice president also directed the board made up of the ministers of finance, power, and other departments to safeguard the interests of society, especially of common people.
Since the first board was established in 2013 and then disbanded, NELMCO has been operating without a formally constituted board prior to the inauguration.
- Tags: #acquisition, #FG, #NELMCO
