FG saves N66bn in verifying, clearing PHCN liabilities

The Managing Director of the Nigeria Electricity Liability Management Ltd/Gte (NELMCO), Adebayo Nathaniel Fagbemi has revealed that the Agency has saved about 66 billion naira for the Federal Government, saying the feat was attained with the help of a model developed under his administration known as the ‘Triangular Verification Model’. Fagbemi made the disclosure on Wednesday in Abuja, while speaking during the November 2019 meeting of the Power Sector Communication Team (PSCT), hosted by NELMCO.

Fagbemi said “NELMCO has absorbed and is effectively managing the liabilities in the sector”. He listed sources of funding the liabilities to include sale of non-core assets, rent of Power Holding Company of Nigeria properties, proceeds from receivables, inflow from MDA debt recoveries and sale of PHCN assets.

A statement by the spokesperson of the federal Ministry of Power, Mrs Etore Thomas quoted the MD as saying, “I know you are doing a great job. I encourage you to do more.”


Source: Daily Trust



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