The Federal Government through the Nigeria Electricity Liability Management Company ( NELMCO), announced plans to sell off real estate belonging to the defunct PHCN.
NELMCO disclosed earlier last week the first batch of properties to be sold, including older NEPA/PHCN offices, guest houses and other properties owned by PHCN before the Power Privatization scheme of 2013.
NELMCO, incorporated on August 21st, 2006 as a limited liability company was created during the electricity power sector reform with a very specialized role to play. NELMCO was designated to assume responsibility for all of the PHCN liabilities leading up to the November 1, 2013 handover of the companies. As well as the management of the non-core assets of the companies, prior to disposition of same.
One of the objectives of NELMCO is to “ sell, let, mortgage, dispose of, deal in any of the property or non-core assets of the company as may be expedient with a view to promoting its objects”.
In July, NELMCO Managing Director, Adebayo Fagbemi, disclosed during a visit by the Senate Committee on Power to Abuja Electricity Distribution Company head office, that the NELMCO would sell 216 former PHCN properties in phases.