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Reps commence investigation of sale of PHCN asset

27 January 2017, 13:45

Abuja - 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.

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.

- NAN

Tags nigeria
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