PHCN saves N92bn for Federal Government

Managing Director of NELMCO, Mr. Nathaniel Adebayo Fagbemi, who disclosed this at the company's headquarters in Abuja, during the presentation of the Bureau of Public Service

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PHCN saves N92bn for Federal Government

The total of 92billion Naira has been saved by Nigeria Electricity Liability Management Company, NELMCO for Federal Government from its diligent negotiations of PHCN liabilities existing before the 2013 power privation.

Managing Director of NELMCO, Mr. Nathaniel Adebayo Fagbemi, who disclosed this at the company’s headquarters in Abuja, during the presentation of the Bureau of Public Service Reforms’ report, BPSR, Self Evaluation Method, SAT, said that the sum was saved through the triangular verification model that he placed in place.

Meanwhile, the Bureau of Public Service Reforms, BPSR, has bestowed the Managing Director of NELMCO, Mr. Adebayo Fagbemi with an award of excellence for exceeding expectations in essential areas of responsibilities.

Dr. D.I. Arabi, the Director-General of BPSR, who presented the report, said, “We are pleased to award a Gold level award –a public service agency that meets expectations.”

Mr. Fagbemi, “We are here today to hear from BPSR the outcome of that which we subjected ourselves to. But hopeful, I believe that the report will be good.”

He thanked Buhari, minister, and other critical stakeholders for giving NELMCO support in delivering on its mandate. questions

Fagbemi also noted that NELMCO was established on the basis of the 2005 EPSR Act and the 2005 gazetted instrument of transfer.

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According to him, “We have been able to save N89bn for the federal Government with the methodology we put in place and we saved N1.8bn with the triangular verification model we put in place. With this, we have saved a total of about N92bn.”

Fagbemi, who said that NELMCO was the first agency in the power sector to deploy SAT, noted that NELMCO has a unique mandate from all other agencies in Nigeria.

Fagbemi said there have been no concerns from power companies about PHCN liabilities impacting their operations with proper management of the liabilities. “Because of the methodologies we have put in place, we were able to handle it as our liabilities rise.”

The department also said it has a four-year approved plan on how by 2022 it will clear all liabilities to end its operations.

The Director-General of BPSR, Mr D. I. Arabi who presented the report recalled, the Federal Government introduced the tool to enable agencies to understand their strengths and weaknesses, and improve their performance.

He said, “The most critical organisation goals were met. We are pleased to give the Gold Level Award – a public service agency that ‘meets expectations’. We have seen a performing MD that works efficiently to manage his human resources very well,” Arabi said.

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He said the BPSR awarded a Gold Level Award to the agency for scoring over 86 percent on its transparent operations and liabilities’ management.

In his remarks Power ‘s President, Engr. Sale Mamman reported that in 2019 SGF communicated the SAT to MDAs. “I ‘m proud to learn that NELMCO is the first organization to pose themselves for this exercise.”

The minister, represented by the Permanent Secretary, Federal Ministry of Power, Didi Walson-Jack, urged BPSR to deploy its workers to other power sector and ministry agencies as well.

He said, “It is our delight that an agency of the ministry of power has received the gold level certificate. We have heard it from the DG of BPSR, there will be no shutting down in 2022 for NELMCO.”

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