New Telegraph

Buhari makes U-turn, returns NDPHC to five directorates

President Muhammadu Buhari has pulled another string in the country’s power sector as he returned the number of directorate at the Niger Delta Power Holding Company (NDPHC) to five.

 

The president, who on May 29, 2015 met the company, incorporated exactly 15 years ago (August 2005), with five directors, scrapped the structure put in place by the Goodluck Jonathan government where all the six geopolitical zones make up the five executive directors and managing director. Checks by New Telegraph showed that the company began operations after being incorporated with two directors and one managing director.

 

Explaining that the five-director structure was bogus, Buhari, in June 2015, returned the directorate to the two structure the company began with in 2005.

 

The president, who announced this major decision through a statement sent to this newspaper, also approved the renewal of the appointment of Mr. Joseph Chiedu Ugbo as the Managing Director and Messrs Babayo Shehu and Ifeoluwa Oyedele as executive directors respectively.

 

“This renewal willtake effect from August 25, 2020 for a period of four years,” the statement issued by Laolu Akande, Senior Special Assistant, Office of the Vice President, read. “The appointment of three additional directors has also been approved for more effective and efficient coverage of the company’s areas of activity,” the statement concluded.

 

The National Integrated Power Project (NIPP), it would be recalled, was conceived in 2004 as a fast-track government funded initiative to stabilise Nigeria’s electricity supply system while the private-sector-led structure of the Electric Power Sector Reform Act (EPSRA) of 2005 took effect. NIPP was originally designed around seven medium sized gas fired power stations in the gas producing states, and the critical transmission infrastructure needed to evacuate the added power into the national grid.

 

A commitment to electrify host communities in the vicinity of the power stations and major substations gave rise to the distribution component of the project. In August 2005, the National Council of State and the National Assembly approved an initial funding for NIPP from the Excess Crude Savings Account’ (ECSA), which statutorily belongs to the federal, state and local governments.

 

The Federal Government, therefore, incorporated the Niger Delta Power Holding Company Limited (NDPHC) as a limited liability company to serve as the l

gal vehicle to hold the NIPP assets using private sector-ori

entated best business practices.

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