Reps Begin Investigation Of Sale Of PHCN Asset

Must Read

Sudanese Impostor Is The Buhari In Aso Rock, Kanu Insists

Mazi Nnamdi Kanu, leader of the proscribed Indigenous People of Biafra (IPOB), has reacted to the clash between National...

Buhari: Nigerians Feel Lawmakers Pocket A Lot Of Money For Doing Little

President Muhammadu Buhari says Nigerians believe that the federal lawmakers go home with huge benefits for doing so little. He...

Govt Can’t Fight Corruption With Policies That Encourage Poverty: Falana

Foremost human rights lawyer, Femi Falana (SAN), says there's no way corruption can be fully dealt with when there...

Buhari Appoints New NDDC Acting Managing Director

The Special Adviser to the President on Media and Publicity, Femi Adesina has announced that President Muhammadu Buhari has...

There Are No Looters In My Government, Say Uzodinma

Imo state governor, Hope Uzodinma has debunked rumours that his administration is filled with looters. Speaking in a statement by...

The House of Representatives Committee mandated to investigate the status of Power Holding Company of Nigeria, PHCN, non-core asset transferred to Nigeria Electricity Management Company, NELMCO, on Thursday commenced its activities.

The ad-hoc committee, inaugurated on October 20, 2016, was also mandated to investigate the liquidation of PHCN under the Electricity Power sector reform Act, under the supervision of Bureau of Public Enterprises (BPE).

Wole Oke (PDP-Osun) who made the statement on Thursday in Abuja at the inaugural meeting of the ad-hoc committee said members had put necessary measures in place to conduct hitch-free investigation.

Mr. Oke said: “at the end of the motion, the House resolved to mandate the committees on Power, Public Procurement and Privatisation to investigate the status and sale of all non-core assets under the PHCN regime.

“The committee is also expected to ascertain the methodology that was used for liquidation; whether such properties were well valued.

“The committee is to ascertain whether the agencies ensure full compliance in the sale of properties that have not been sold and if such funds were transferred to the Federal Government.”

He said that members of the ad-hoc committee resolved to set up sub-committee, chaired by Jonathan Gaza (PDP-Nasarawa), to undertake the process of ensuring effective take-off of the activities of the joint committees.

He assured Nigerians of the resolve of the committee members to determine the actual amount realised from the privatisation of public assets by the previous administration.

“We are aware that there are thousands of properties under the former PHCN scattered across the length and breadth of this country which we need to look at how they were liquidated.

“Although, the task ahead of us to achieve result is enormous, but with your cooperation, we can achieve a lot on this assignment,” Mr. Oke said.

Mr. Oke stated that in the course of its investigation, the ad-hoc committee would interface with various stakeholders including the investors, relevant workers’ unions and regulatory agencies involved in the sale of public assets.

“The agencies include BPE and management team of Federal Ministry of Power, Nigerian Electricity Regulatory Commission (NERC), among others,” he said.

In his remarks, Jonathan Gaza, the chairman of the sub-committee inaugurated to conduct preliminary investigation, assured that the exercise would be diligently carried out.

“We will do all we can to ensure that the investigation is not jeopardised.

“It is our determination to put our country first and put it on the path of prosperity.

“It is our determination to use this medium to do justice; we will not let the country down,” Mr. Jonathan assured.

Source: NAN

- Advertisement -
Ad ==> Discover how a young Nigerian graduate now makes a consistent 40k per week doing a legitimate online business. You too can start yours now, click here!!!

LEAVE A REPLY

Please enter your comment!
Please enter your name here

More Articles Like This

- Advertisement -