NELMCO is a product of the Electricity Power Sector Reform Act 2005 (EPSRA), with a very specialized role to play, in ensuring the success of the Electricity Sector Reform. NELMCO was incorporated on August 21st, 2006 as a limited liability company, under the Companies and Allied Matters Act (1990) (CAMA).
As one of the successor companies created under EPSRA and consistent with the directive of NCP, NELMCO was designated to assume responsibility for all of the PHCN liabilities leading up to the November 1, 2013 handover of the companies, as well as the management of the non-core assets of the companies, prior to disposal of same.
We are the stranded liability vehicle for a smooth transition into a new liberalized, productive and efficient power sector. Our mandate is to takeover the management and settlement of PHCN’s Power Purchase Agreement obligations and other legacy debts as may be determined by The National Council On Privatisation (NCP) within the Nigeria Electricity Supply Industry.
STRANDED DEBTS: To assume and administer the stranded debts and non-core assets of PHCN pursuant to the provisions of EPSR Act 2005.
NON-CORE ASSETS: To hold the non-core assets of PHCN, sell or dispose of or deal in any manner for the purpose of financing the payment of debts or other related matters.
PENSION: To assume and manage pension liabilities of employees of PHCN. Now Transferred to PTAD.
PPA DEBTS: To take over the settlement of PHCN’s Power Purchase Agreement (PPA) debts obligations, legacy debts and any other liabilities as may be determined by the National Council on Privatisation within NESI from time to time.
ATTAINING GOALS: To do all such other things as are incidental or may be thought conducive to the attainment of the above objectives or any of them.
SELLING ASSETS: To sell, let, mortgage, dispose of, deal in any of the property or non-core assets of the company as may be expedient with a view to promoting its objects.