This was disclosed in a statement issued by Laolu Akande, his spokesman, on Sunday.

The company has been running without a duly constituted board since the first one was inaugurated in 2013 and dissolved shortly after.

In his remarks at the inauguration, Osinbajo said the new board would enhance ongoing efforts to resolve liabilities relating to tariff shortfalls for electricity distribution companies (DisCos), among other challenges plaguing Nigeria’s power sector.

“Today’s inauguration marks an important milestone in the bid to resolve the liabilities relating to tariff shortfalls in the power sector (specifically for distribution companies), and to provide a veritable mechanism for managing the very dynamic nature of the liquidity challenges of the power sector in Nigeria,” Osinbajo was quoted as saying.

“This ceremony formally brings on board the invaluable skills and experience of notable and highly respected personalities as members of the board of NELMCO.”

On the expectations for the new board, the vice-president told the members to make conscious and deliberate efforts to develop appropriate strategies to facilitate the successful conclusion of the outstanding pre-Privatisation issues of the defunct PHCN, and ensure an effective implementation of NELMCO’s additional mandate to resolve the tariff shortfall problems of DisCos.

He urged them to continue to give credence to the federal government of Nigeria’s economic development programme in a transparent, sustainable, credible and acceptable manner.

“The board is required to take appropriate steps to also ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of NELMCO’s mandate,” he added.

Osinbajo also urged members “to diligently carry out the responsibilities assigned to the board in accordance with the provisions of the memorandum and articles of association (MEMART) of the company”.

Meanwhile, members of the board include:

Zainab Ahmed, Minister of Finance

Abubakar Aliyu, Minister of Power

Alex Okoh, Director-General of Bureau for Public Enterprises (BPE)

Patience Oniha, Director-General of Debt Management Office (DMO)

Bayo Fagbemi, Managing Director of NELMCO

Muhammad Aliyu Jumma’a

Olufunso Olutola Olukoga

Chinedum Orisakwe

Mojoyinoluwa Dekalu-Thomas

Nurain Hassan Ibrahim.