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22 November 2019

Discos: NEC raises panel to review ownership structure

The National Economic Council on Thursday resolved to review the status of the ownership structure of power distribution companies in the country.

The NEC meeting was presided over by Vice-President Yemi Osinbajo at the Presidential Villa, Abuja.

The review will be done by an ad hoc committee chaired by the Governor of Kaduna State, Nasir el-Rufai.

Governors representing the six geopolitical zones on the Board of the Niger Delta Power Holding Company will serve on the review committee.

The Governor of Imo State, Mr. Eemeka Ihedioha, who spoke on the resolutions of NEC, added that the National Council on Privatisation and Bureau of Public Procurement would serve on the committee.

Ihedioha also said NEC was briefed on the status of balances in the Excess Crude Account and three other accounts by the Accountant-General of the Federation, Mr. Ahmed Idris.

He said the balance in the ECA was $324.5m as of November 20, while the Natural Resource Development Fund Account had a balance of N79.7bn.

The governor added that the Stabilisation Account had a balance of N29.7bn as of November 20.

The Managing Director of the Nigerian Sovereign Investment Authority, Mr. Uche Oji, also gave progress reports to NEC on the operations of the body.

He said the NSIA Group made a profit of N44.3bn in 2018, while the NSIA alone made a profit of N41.8bn. He added that the group’s profit from January to June this year was N24bn.

NEC resolved to invest an additional $250m in the NSIA.

It also approved a panel to look into the investment of a portion of the pensions fund in the NSIA, “with the possible implementation of PenCom.

“The committee will include the finance minister, the CBN governor and the NSIA MD.”

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