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Reps to investigate sale of PHCN non-core assets

The House of Representatives on Thursday resolved to investigate the status of Power Holding Corporation of Nigeria (PHCN) non-core assets worth billions of dollars transferred to Nigerian Electricity Liability Management Company (NELMCO) during its liquidation by the Federal Government.

The House also mandated its committees on Power and Bureau for Public Enterprises 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 equally saddled with the responsibility of ensuring full compliance in the sale of properties that have not been sold and such funds transferred to the Federal Government.

The House resolution followed the adoption of a motion of urgent public importance moved by Honourable Chukwuemeka Ujam, who noted that non-core assets of PHCN, running to billions of dollars, were spread across the country and the world.

According to him, “a lot of the assets are being leased at undervalued rates while some of them are being given away to the distribution companies (DISCO), saying some have been diverted.”

The Committees are expected to submit their findings to the House within two weeks.

When the motion was put to voice vote by the Deputy Speaker, Honourable Lasun Yusuf, it was unanimously supported.

In related development, the House has expressed worry about the inhuman treatment the residents of Amukoko Local Government Development Area, Lagos State have been undergoing in the hands of the Eko Disco, one of the electricity distribution companies.

This followed the adoption of a motion moved by Hon Rita Orji on the need to restore power supply to the affected area.

To this end, the House mandated its committee on power to delegate its members to ascertain the situation as to avert breakdown of law and order in the volatile communities and its environs.

The House equally asked the distribution company in charge of the area to reconnect the lights and make sure adequate negotiation on how to manage the payment of the outrageous bills is established.

When the motion was put to vote by the Deputy Speaker, Hon Lasun Yusuf, it was unanimously supported by members.