The House of Representatives during a public hearing on Monday said that the country had lost revenue in excess of N15bn from alleged unauthorised sale, leasing and transfer of non-core assets of the defunct Power Holding Company of Nigeria, The Punch reports.
The non-core assets are properties of the PHCN not directly used for power generation or distribution. They were not included in the assets sold to private-sector investors in the wake of the full privatisation of the sector, which started in 2011. The assets were said to have been retained by the Federal Government as public property and handed over to the Nigeria Electricity Liability Management Company for coordination.
On Monday, the committee grilled officials of NELMCO; the Bureau of Public Enterprises; power firms and heads of agencies directly linked with the transactions. On its part, NELMCO made a presentation to the committee to admit that following an audit of the assets done internally, there was a “revealing report” on how the assets were managed in the past and that it was yet to dispose of all the assets properly. The hearing is ongoing.