NELMCO Takes Over N499bn PHCN Liabilities – MD

The managing director/chief executive of the Nigeria Electricity Liability Management Company (NELMCO) Limited, Mr. Samuel John Agbogun, has said his organisation inherited a total liability of N499 billion from the old Power Holding Company of Nigeria (PHCN).

In an interview with LEADERSHIP WEEKEND yesterday, Mr Agbogun said the liabilities included those owed government agencies, PHCN pensioners and power producers.

“There are three kinds of liabilities we have inherited from the old PHCN. First are the liabilities owed to suppliers of services.

There are also liabilities owed to government agencies, like the Federal Inland Revenue and the Industrial Training Funds (ITF).

There are liabilities owed to power suppliers and producers, like the Integrated Power Projects (IPPs).There are also the liabilities owed to staff of PHCN, which is pension,” he said.

 

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