Osinbajo Inaugurates New NELMCO Board

Vice-President Yemi Osinbajo has inaugurated the new governing board of the Nigeria Electricity Liability Management Company (NELMCO).

Gatekeepers News reports that Osinbajo’s Spokesman, Lola Akande disclosed this in a statement on Sunday.

Akande stated that the company has been running without a duly constituted board since the first one was inaugurated in 2013 and dissolved shortly after.

Osinbajo said the new board would enhance ongoing efforts to resolve liabilities relating to tariff shortfalls for electricity distribution companies (DisCos), among other challenges plaguing Nigeria’s power sector.

Akande quoted Osinbajo as saying “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.”

The Vice-President charged the board members to make conscious and deliberate efforts to develop appropriate strategies to facilitate the successful conclusion of the outstanding pre-privatisation issues of the defunct PHCN, and ensure effective implementation of NELMCO’s additional mandate to resolve the tariff shortfall problems of DisCos.

Osinbajo urged them to continue to give credence to the federal government of Nigeria’s economic development programme in a transparent, sustainable, credible, and acceptable manner.

He added, “The board is required to take appropriate steps to also ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of NELMCO’s mandate.

Osinbajo further urged members “to diligently carry out the responsibilities assigned to the board in accordance with the provisions of the memorandum and articles of association (MEMART) of the company”.

Meanwhile, Members of the Board include Minister of Finance, Zainab Ahmed; Minister of Power, Abubakar Aliyu; Director-General of Bureau for Public Enterprises (BPE), Alex Okoh; Director-General of Debt Management Office (DMO), Patience Oniha.

Other members are Managing Director of NELMCO, Bayo Fagbemi; Muhammad Aliyu Jumma’a; Olufunso Olutola Olukoga, Chinedum Orisakwe, Mojoyinoluwa Dekalu-Thomas, and Nurain Hassan Ibrahim.