FG seeks buyers for 216 PHCN’s assets

The federal government is seeking buyers for 216 non-core buildings, lands and other assets belonging to the defunct Power Holding Company of Nigeria (PHCN) to generate revenue for driving the power sector.

The Managing Director of the Nigerian Electricity Liability Management Company (NELMCO), Mr Adebayo Fagbemi disclosed this on Monday when he led the Senate Committee on Power to tour some of the facilities under the Abuja Electricity Distribution Company (AEDC) in Abuja.

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Fagbemi said the sale of the assets was being done in three phases after the company placed public notices in June 2018 to appoint valuers and sales agents.

He said, “The first phase of the assets that we are bringing out for sale is 52, there is another second batch of 106 assets and the third batch is 58.”

NELMCO took over liabilities in the power sector that were incurred by PHCN before the privatization in 2013. Fagbemi said the assets sale will enable the agency to offset some of these liabilities.

“We are talking about the non-core assets that are not critical to the business of power. They include building property, lands, jetty, golf course, guest houses.”

The Managing Director of AEDC, Engr. Ernest Mupwaya who spoke after the Senate Committee visited AEDC Customer Centre at Wuse 2 and its Central Store at Zone 5, which are NELMCO’s properties, said AEDC owed rent for the property since November 2013.

“AEDC owes NELMCO rent of the assets which is about N40 million monthly, and we are in discussion with NELMCO to offset it as part of our seriousness to acquire the assets” Mupwaya said.

Chairman of the Committee, Senator Gabriel Suswam, said the committee members visited the facilities to verify the facts from NELMCO and why AEDC should pay rent for them until they are sold off.