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General News of Friday, 2 July 2021

Source: thenationonlineng.net

House halts proposed privitisation of NDPHC

House of Representatives House of Representatives

The House of Representatives has urged the Federal Government to suspend the planned sale of the Niger Delta Power Holding Company Limited (NDPHC) power plants across the country until the lingering issues on the matter are resolved, especially on its ownership.

The House also mandated its Committees on Power as well as Privatisation and Commercialisation to investigate the planned sale of the NIPP power plants owned by the NDPHC.

This followed a motion of urgent public importance sponsored by Kolawole Musibau (APC, Lagos).

On the need to probe the planned privatisation of the NDPHC power plants by the government, the lawmaker said the NDPHC was incorporated under the Companies and Allied Matters Act as a private limited liability company with shareholding fully subscribed to by the Federal, state and local governments with a mandate to manage the National Integrated Power Projects (NIPP).

He said the National Council of State and the National Assembly approved an initial funding of $25 billion for NIPP from the Excess Crude Oil Account (ECOA), which statutorily belongs to the Federal, state and local governments.