NELMCo rues over N752bn debts

The Managing Director  the Nigerian Electricity Liability Management Company (NELMCO), Sam Agbogun, has expressed dismay at the over N752 billion debts of the organisation which he said would be transferred to the Debt Management Office (DMO).
He made this known while briefing the press in Abuja over a national daily’s report (not Blueprint) which he gave Seven days within which to retract its story.

According to him, the story captioned “ICPC interrogates NELMCo boss,” must be retracted and published in two other national dailies or his organisation would be forced to take legal action.
Commenting on the challenges facing the company, Agbogun informed that the agency had huge liabilities relating to Independent Power Producers (IPPs), legacy debts, local and foreign loans, other creditors and pensions amounting to about N752 billion.

“The quantum of NELMCo liabilities as at 31st March, 2014 is about N752bn of which N392.2bn is interagency debts that will be transferred to the Debt Management Office (DMO) and other Ministries for cancellation,” he said.
Explaining what transpired between him and the Independent Corrupt Practices Commission (ICPC), Agbogun said the transaction in contest was carried out before the advent of the company he heads, and that the company’s invitation by the anti-graft body was to shed more light on the transaction in its capacity as the new owners.

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