Power Reforms: NELMCO To Ensure New Owners Have No Debt Overhang

The managing director of Nigeria Electricity Liability Management Company (NELMCO), Dr Sam Agbogun, says measures have been put in place to prevent new investors in … Continue reading Power Reforms: NELMCO To Ensure New Owners Have No Debt Overhang


Shiroro-Hydroelectric-Power-StationThe managing director of Nigeria Electricity Liability Management Company (NELMCO), Dr Sam Agbogun, says measures have been put in place to prevent new investors in the power sector from suffering any debt overhang.

After privatisation of the Power Holding Company of Nigeria (PHCN) in November 2013 , there have been complaints of poor power supply in most states, a development blamed on lack of finance to acquire needed infrastructure to boost supply.

Dr Agbogun stressed that the measures would enable the investors concentrate on improving electricity infrastructure for optimum performance and steady supply of electricity to Nigerians.

Addressing a news conference in Abuja Nigeria’s capital on Monday, He said that the heavy debt burden of 752 billion Naira by the company would not deter them from ensuring that Nigerians enjoy steady power supply.

The NELMCO boss also told reporters that pensioners of the defunct PHCN were being verified, with a view to settling outstanding backlog of pension owed the disengaged workers.

Workers were severed after November 1 handing over of the PHCN to the private owners by the Nigerian government.