The National Council on Privatisation (NCP) has appointed Zainab Ahmed, minister of finance, budget and national planning, as the chairman of the Nigerian Electricity Liability Management Company (NELMCO) Board.
This is just as the council noted that a thorough performance assessment revealed that most of the set performance targets were not met by the nine Electricity Distribution Companies (DisCos).
Recall that Abubakar Aliyu, the minister of power had recently admitted the failure of the power sector to provide the much-needed energy, blaming the failure on the activities of terrorists which made most of the power installations inaccessible, nationwide.
The NCP, however, approved the proposed governance framework for the sustainable management and payment of post-privatization liabilities of the power sector transferred to the Nigerian Electricity Liability Management Company (NELMCO) Board.
The council, according to a statement by the senior special assistant to the president on media and publicity (office of the vice president), Laolu Akande, also approved the fast-tracking of the work plan for the concession of the Zungeru Hydroelectric Power Plant (ZHPP).
The council, rising from its third meeting in 2022, which held at the Presidential Villa and presided over by Vice President Yemi Osinbajo, announced the composition of the NELMCO board which includes the minister of finance, as chairman.
The new board also has the minister of power; director-general, Bureau of Public Enterprises (BPE); director-general, Debt Management Office (DMO); managing director, NELMCO; and all its executive directors, as members.
It was also resolved that two key members from the private sector be included in the board.
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Akande said the council reviewed and approved key objectives of the Zungeru Hydroelectric Power Plant concession, including leveraging private sector access to finance and reducing reliance on government budgetary allocation to fund the China EXIM Bank loan; as well as leveraging efficiencies and better facility management (maintenance) culture of the private sector for long-term preservation of the asset.
The council had, in its December 2020 meeting, approved the concession of the ZHPP.
The statement stated that the council was briefed on the performance assessment report of the nine DisCos which has been forwarded to the Nigerian Electricity Regulatory Commission (NERC), the sector regulator, for further review and action.
The meeting had in attendance council members, including federal ministers, and representatives of federal ministries such as the minister of water resources, Suleiman Adamu; director-general of the Bureau of Public Enterprises (BPE), Alex Okoh; heads of MDAs and other senior government officials
