In an attempt to shore up the revenue base of the country amid the financial shortfall created by the outbreak if the Corona virus pandemic, The federal government is seeking to sell 216 properties – such as buildings, lands and other assets owned by the inoperational Power Holding Company of Nigeria (PHCN).
The Managing Director of the Nigerian Electricity Liability Management Company (NELMCO), Mr Adebayo Fagbemi made this revelation on Monday when he in company of the Senate Committee on Power toured some of the facilities under the Abuja Electricity Distribution Company (AEDC) in Abuja.
Fagbemi said the assets were sold off in three phases after the company placed public notices in June 2018 to appoint valuers and sales agents. He said, “The first phase of the assets that we are bringing out for sale is 52, there is another second batch of 106 assets and the third batch is 58.”
NELMCO took over liabilities in the power sector that were incurred by PHCN before the privatization in 2013. Fagbemi said the assets sale will enable the agency to offset some of these liabilities.
“We are talking about the non-core assets that are not critical to the business of power. They include building property, lands, jetty, golf course, guest houses.”
Speaking with Senate Committee at AEDC Customer Centre sited at Wuse 2 and its Central Store at Zone 5, the Managing Director of AEDC, Engr. Ernest Mupwaya maintained that AEDC owed rent for the property since November 2013.
“AEDC owes NELMCO rent of the assets which is about N40 million monthly, and we are in discussion with NELMCO to offset it as part of our seriousness to acquire the assets” Mupwaya added.
Senator Gabriel Suswam, chairman of the Committee, averred that the committee members embarked on the facility inspection tour to verify the facts from NELMCO and why AEDC should pay rent for them until they are sold off.