Reps Probe PHCN’s Assets


The House of Representatives has vowed to expose all unethical transactions in the transfer of the Power Holding Company of Nigeria’s non-core assets to the Nigerian Electricity Management Company (NELMCO).
The Bureau of Public Enterprise (BPE) was the agency that executed the transfer when the assets of PHCN was liquidated under the Electricity Power Sector Reform Act.
Speaking at the inauguration of a subcommittee of the Joint Committee of power, Public Procurement and Privatisation and commercialization which was mandated to carry out the investigation, Wole Oke said it was the determination of the committee to comprehensively investigate the status and sale of all non-core assets under the PHCN era.
Oke, who is also chairman of committee on Public Procurement said, “it is the determination of the Joint Committee to ascertain the methodology that was used for liquidation, whether such property were valued.
He said: “It is also our responsibility to ensure that full compliance in the sale of assets that have not been soled and such funds transferred to the Federal Government because Nigerians have the right to know.
We are aware that there thousands of properties under the former PHCN scattered across the length and breadth of the country which we need to look at how they were liquidated.
In his remarks, chairman of the subcommittee mandated to carry out the investigation, Jonathan Gaza, said members of the sub committee were aware of expected pressure of the responsibility given to them.

Source: TheTide

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