The Federal Government has completed the takeover of four electricity distribution companies and constituted the board of the Nigeria Electricity Liability Management Company (NELMCO).
The four are Port Harcourt, Kaduna, Kano and Ibadan DisCos.
The DisCos were forced under new management over poor debt management issues.
Vice President Yemi Osinbajo, on Friday, said the newly constituted board of NELMCO would enhance ongoing efforts to resolve the liabilities relating to tariff shortfalls for power distribution companies nationwide.
According to a statement signed by his Senior Special Assistant on Media and Publicity, LaoluAkande, Osinbajo made the assertion in his remarks delivered virtually at the inauguration of the new 10-member board of NELMCO.
The statement was titled ‘FG moves to resolve tariff shortfalls in power sector as Osinbajo inaugurates Nigeria electricity liability management company’s board.’
The Vice President also mandated the board composed of Ministers of Finance, Power, and others to protect the interests of the society, particularly ordinary citizens.
Before Friday’s inauguration, NELMCO had been running without a duly constituted board since the first board was inaugurated in 2013 and dissolved shortly after.
According to the Vice President, “today’s inauguration marks an important milestone in the bid to resolve the liabilities relating to tariff shortfalls in the power sector (specifically for Distribution Companies), and to provide a veritable mechanism for managing the very dynamic nature of the liquidity challenges of the power sector in Nigeria.
“This ceremony formally brings on board the invaluable skills and experience of notable and highly respected personalities as members of the Board of NELMCO.”
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