Reps set to investigate sale of PHCN assets

The House of Representatives Committee
mandated to investigate the status of Power
Holding Company of Nigeria, non- core assets
transferred to Nigeria Electricity Management
Company on Thursday commenced its activities.
The ad- hoc committee, inaugurated on Oct. 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 .
Hon. 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 .
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
Hon. 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 ,” Oke said.