From Uche Usim, Abuja
At last, the National Council on Privatisation (NCP) has approved the immediate composition and the proposed governance framework for the sustainable management and payment of post privatisation liabilities of the power sector transferred to Nigeria Electricity Liability Management Company Ltd (NELMCO), which hitherto was without a Board.
This was one of the major decisions taken by the Council at its 3rd meeting for 2022 held at the Presidential Villa and presided over by the Vice President, Professor Yemi Osinbajo.
The new Board is headed by the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, with Minister of Power, Mr Aliyu Abubakakar, Director General of the Bureau of Public Enterprises (BPE), Mr. Alex A. Okoh, Director General of the Debt Management Office(DMO), Mrs. Patience Oniha, Managing Director of Nigeria Electricity Liability Management Company (NELMCO), Mr. Adebayo Fagbemi, all Executive Directors of NELMCO and two private sector members.
The Council noted the need to ensure an appropriate governance framework and sustainable management of the NELMCO’s affairs as contained in the provisions of its Memorandum and Articles of Association (MEMART) necessitated the constitution of the Board.