NIGERIA Invest in 2012-13 - Newsdesk Media

NIGERIA�ELECTRICITY�LIABILITY�MANAGEMENT�LTD/GTE
FEDERAL GOVERNMENT�OF�NIGERIA POWER�SECTOR�REFORM
Pursuant to the implementation of the provisions of the Electricity Power Sector Reform Act, 2005, (EPSR),
the�National�Council�for�Privatisation�in�pursuant�to�Section�8�of�the�Electric�Power�Sector�Reform Act,�incorporated
the Nigeria Electricity Liability Management Ltd/gte (NELMCO) as a company limited by guarantee of the Federal
Government of Nigeria with registration number RC 664658. NELMCO is one of the companies created from the
unbundling�of�the�Power�Holding�Company�of�Nigeria�(PHCN)
MANDATE
To�assume�and�administer�the�stranded�debts�and�non-core�assets�of�PHCN
pursuant�to�the�provisions�of�EPSR�Act�2005.
To�assume�and�manage�Pension�liabilities�of�employees�of�PHCN.
To�hold�the�non-core�assets�of�PHCN,�sell�or�dispose�of�or�deal�in�any�manner
for�the�purpose�of�financing�the�payment�of�debts�or�other�related�matters.
To�take�over�the�settlement�of�PHCN's�Power�Purchase�Agreement�(PPA)�debts
obligations,�legacy,�debts�and�other�liabilities��as�may�be�determined�by�the
National�Council�on�Privatisation�from�time�to�time.
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.
To�do�all�such�other�things�as�are�incidental�or�may�be�thought conducive�to�the
attainment�of�the�above�objects�or�any�of�them.
STATUS
In�August�2010,�the�Federal�Government�of�Nigeria�through�its�Government�Notice
th
No.�374�issued�its�Official�Gazette�No.85�Vol.97�dated�20 August2010�containing
the�details�of�the�transfer�of�Assets,�Liabilities,�and�Staff�etc�to�NELMCO.
rd
On�23 October,�2011,�the�Shareholders�of�PHCN,�that�is,�the�BPE�and�MOFI�executed
the�Transfer�Instrument�that�formally�transferred�all�PHCN�Non-Core�Assets,�Liabilities
and�relevant�Staff�to�NELMCO.
NELMCO�commenced�start�up�activities�in�January,�2010�and�is�now�fully�operational.
Nelmco’s�Functions
Liability�Management
Debt�&�Liability�Management
Assets�Management
Pension Management
Superannuation�Fund�Mgt.
Consultancy�&�Procurement
Corporate�Services
Budgets
Finance�& Accounts
Procurement
HR
Administration
PENSION
Plot�1359B, Alfayyun�Street,�Wuse�Zone�3, Abuja,�P.�M.�B.�136,�Garki Abuja,
Tel�:+234�7098513425,�+234�7098513426,��E-mail:�info@nelmcong.org
website:�www.nelmcong.org
Dr.�Sam Agbogun
MD/CE�NELMCO
Vision
To�be�a
world-class
manager�of�liabilities
and�stranded Assets�in
a�transitional
electricity�market
Mission
To�ensure
sanctity�of�contracts
and�settlement�of
pension�and
third�party
liabilities
Core�Values
Honesty,
Integrity, Accountability,
and
Transparency
TMT