The Chief Executive Officer of the Nigeria Electricity Liability Management Company (NELMCO), Adebayo Fagbemi, has said the company’s total inherited liabilities from the privatization of the Nigeria electricity industry stood at N544 billion as at December 2017.
He listed the liabilities as: engineering, successor companies, legacy debts, creditors, power producers and Power Purchase Agreement (IPP’s PPA) liabilities and contingent liabilities. Fagbemi made the disclosure recently in Abuja while playing host to members of the Power Sector Communication Team (PSCT).
He said the company has been able to offset all its liabilities except the 16 months which had to be paid by the Bureau of Public Enterprises (BPE). NELMCO was established in 2006 to assume and manage the non-core assets, all liabilities and other obligations that would not be taken over by the successor companies after privatisation.
Source: Daily Trust
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