Management of Inherited PHCN Non-Core Assets

NELMCO embarked on:

1. Restructuring of the NCP Committee for the Disposal of PHCN Non-core Assets.
2. Preliminary Audit/Inventory of PHCN Non-core Assets
3. Take-over of PHCN London Assets
4. Stock taking/Verification of PHCN Properties
5. Management of inherited Leases

Activities of the Asset Management Directorate

Verification of Non-Core Assets:

One of the core mandates of Asset Management Directorate (AMD) is the management of non-core assets of the defunct PHCN. The AMD conducts a routine verification/ inspection of the assets to have an updated information of the aforementioned assets. In the course of discharging our duties, AMD has so far embarked on verification of assets across the Federation for the purpose of ascertaining the status of the properties, take 3D pictures of the property as well as keep encroachers at bay.

NON- CORE ASSET @ ENUGU		NON-CORE ASSET @ ELEYELE IBADAN
NON-CORE ASSET @ NASARAWA		NON-CORE ASSET @NASARAWA

Engagement with NSCDC

Verification of Non-Core Assets:

AMD had an engagement with the Nigeria Security and Civil Defense Corps (NSCDC) in view of safeguarding the non-core assets that are in NELMCO’s custody. NSCDC is an agency that has the prerogative to deploy her personnel to maintain twenty-four-hour surveillance over infrastructures, sites and projects for the Federal, State and Local Government.

Against this backdrop, some assets that were at the verge of being encroached upon, have been reclaimed for the singular fact that proactive actions were taken by NELMCO in engaging NSCDC to protect the properties.

NSCDC INTERVENTION AT CALABAR DECOMISSIONED POWER STATION

Approvals obtained from the FMOP/NCP

1. FIRST PHASE OF SALE: That First Phase of sale of 54 Assets commences
2. RE-VALUATION: That re–valuation of the Non–core Assets and the engagement of more than one Estate Surveyors and Valuers through an open tender process.
3. ENGAGEMNT OFE SALES AGENTS: The engagement of firms to sell the Non–core assets who would negotiate the sale on a phase by phase basis
4. COMPREHENSIVE INVENTORY: That a comprehensive inventory of PHCN Non–core Assets be conducted.

Source of Funding

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

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

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.