Achievements and Milestones

	ACHIEVEMENTS	REMARKS
1	Restructuring of NELMCO’s operational architecture leading to the introduction of Liability Management and Assets Management Departments, Corporate Planning and Strategy Section and the Procurement Unit.	To put the Agency on good stead of efficiency and effectiveness.
2	Developing of a Triangular Verification Model (TVM) to ensure that liabilities are properly verified before payments are effected.	To ensure brevity of information and prudent review of value
3	Savings of over N89billion to the Federal Government of Nigeria	The amount saved was as a result of the introduction of the Triangular verification Model (TVM).
4	Increased the Discount Solicitation Window (DSW) for reducing liability claims from 20% to 30%.	The aim was to further seek more savings to government on verified creditors whose claims are above N5million;
5	Savings of another N1.8billion to the Federal Government.	The amount was saved as a result of the development of the discount solicitation window
6	NELMCO was able to provide the necessary comfort, to the PHCN Successor Companies on pre – privatization liabilities,	The PHCN Successor Companies were relieved of the burden of huge debts owed by the defunct PHCN.
7	Carried out the verification and inventory of the Assets such as leased properties, overtime cargoes, obsolete items and scraps of the defunct PHCN transferred to NELMCO.	This is to ensure accountability and proper management of the discovered non- core assets.
8	Additional 21 No. assets were recovered.	The result was achieved as a result of the verification and inventory initiated and conducted.
9	Commencement of the procurement process for the disposal of the first phase of the Non-core Assets.	Approval was sought and obtained for the process from the National Council on Privatization (NCP).
10	Putting together an initial 4-year forecast (2016 – 2019) and another one proposed for the period 2019 – 2022.	The purpose is to identify the need and actions to achieve the Agency’s mandate and to provide the basis for internal monitoring and also give explanation and justification for the Agency’s required funding.
11	NELMCO accounts was externally audited from 2010 – 2014 and 2015 -2018. The audited accounts have been forwarded to the Office of the Auditor General of the Federation and Office of the Accountant General of the Federation.	The Audit was the first since NELMCO’s inception. The effort is in compliance with Fed. Government’s Policy on accountability and probity.
12	Was able to get some debts transferred through the Federal Government Promissory Note Programme through DMO.	This was part of the strategies initiated to seek alternative means of settling the huge liabilities inherited by NELMCO.
13	NELMCO fully complied with the Single Treasury Account (TSA) Policy of Government.	This was done in compliance with relevant directive.
14	NELMCO successfully enrolled all the Agency’s Staff on the IPPIS platform.	This was in compliance with relevant directive
15	NELMCO developed a robust Electronic Data Management System.	For ease of record keeping and retrieving.
16	NELMCO created a Resource Centre for In-house syndicate brainstorming by management and staff.	This is an avenue created for exchange of intellectual ideas and as an interaction for amongst all members of staff.

CHALLENGES

	CHALLENGES	RECOMMEMDATIONS
1	The Contingent Liabilities	May and may not crystalize.
a.	Ground Rent	Need to resolve through FEC/NCS
b.	IPP/PPAS	Need to resolve with NNPC/FEC
c.	Litigation claims	Minister of Justices/Attorney General of the Federation, Ministerial Legal committee to continue work.
2	Funding	Increase Budgetary Allocation
3	TCN Liabilities	Execution of Transfer Instrument by NCP
4	Ownership Problems on some of the Assets	Need to resolve issues before sales of assets
5	Receivables	Difficulties in collections

NELMCO FORECAST

The target/forecast/and projection are to:

PURPOSE: Set out the need for NELMCO to satisfy its mandate, and the actions required to achieve those objectives;

PROVIDE EXPLANATION: Provide the explanation of, and justification for the funding thus required by NELMCO, to achieve its Objectives

BOARD OVERSIGHT: Serve as the basis for the Board’s oversight and to allow them to monitor performance against corporate objectives

BASIS FOR PERFORMANCE: Provide the basis for internal monitoring of performance
SHOWS FININCIAL IMPLICATION: Show the financial implications of the forecast

Our Core Value

Core Values

Honesty

At NELMCO, we believe that, to be truly successful in business and in life, we must always be honest and open with our customers, and our employees

Integrity

We demonstrate integrity in all our business conduct, including dealings with our clients, other government bodies, financial record keeping and treatment of company property.

Accountability

We accept responsibility for our actions. We make and support business decisions through experience and good judgment.

Transparency

We practice total transparency & openness in business functioning, customer & governmental transactions & policies.

Our Mission

To ensure sanctity of contracts and settlement of pension and third party liabilities.

Our Vision

To be a world-class manager of liabilities and stranded assets in a transitional electricity Market.