Reps commence investigation of sale of PHCN asset

House of Reps

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.



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  • real

    To what end is this investigation necessary. There Is never any punishment for those that broke the rule or the law. There is never any change in process to prevent this from happening. what we have here is yet another waste of time and money.

  • Gary

    Good luck and Godspeed sirs. You’re about to open Pandora’s Box into the break up and sale of one of the most corrupt and complex public parastatals in Nigeria.
    This might take you the entire period of your legislative term to unravel. And you’ll be taking on the Big Boys of Nigerian politics and industry who participated in the orgy of cannibalizing the power sector and got government to underwrite it.

    They neither have the capital nor technical know-how to run the power industry yet refuse to give up what they saw as a cash cow that they could use to hold the nation hostage.

  • Impulse400

    Jokers. Imagine the blind looking for needles in a hay stack.

    Or is the recession biting so hard that they are sublimely inviting Ghana must go bags into their chambers…?

  • Senator D

    Best Abbreviations so far about our country Nigeria:

    PHCN – Problem Has Changed Name
    HAUSA – House Animals Using Seat of Authority
    APC – Association of Past Criminals
    NYSC – Now Your Struggles Continue
    PDP – People Deceiving People
    MTN – Maintain Total Nonsense
    ABACHA – After Babangida Another Criminal Has Arrived
    NEPA – Never Expect Power Always
    BUHARI – Brought Unnecessary Hardship Among Reasonable Individuals….