Reps probe PHCN’s non-core assets sale

By Joshua Egbodo
Abuja

House of Representatives has ordered an investigation into the alleged fraudulent and non-transparent manner in which some of the N20 billion-worth overtime cargoes and other assets belonging to the Power Holding Company of Nigeria (PHCN) were auctioned.
While directing that further sale of the assets be immediately halted, pending the outcome of the investigation, the House has therefore mandated its Committees on Power, and Public Procurement to investigate the matter and report back within one month.
A member, Hon. Rita Orji, had in a motion sponsored under matters of urgent national importance yesterday, drawn the attention of the House to the fact that “overtime cargoes, scraps and obsolete items of the PHCN” were recently auctioned by NELMCO, but that only N1.5 billion was claimed to have been realised from the sale.
She, however, said “there were widespread claims of irregularities and improper advertisement on national dailies, as well as allegations of posting fraudulent and misleading advertisements for the sale of high-value items on selected dailies from anticipated buyers were prominent.”
She noted further that persons who heard about the auction and indicated interests were reportedly not allowed or given the opportunity to participate.
“The bidding process was allegedly neither transparent nor forthright; allegations of fraudulent activities trailed the sales and the outcome of the activities ended in dispute,” she said, stressing that if the public outcry on the weighty allegations was left unattended to, “it will set a bad precedence for any such transactions in the future.”

 

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