Nigerian Senate Probes Delta Power Holding Company Over $500m Power Assets

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committee on has summoned the Managing Director of the Holding Company (NDPHC), Mr. Chiedu Ugbo, over an allegation of financial mismanagement involving $500million electricity assets.

The Holding Company is jointly owned by the federal government, states and LGAs to manage the National Integrated Power Projects (NIPPs).

The NDPHC boss is expected is to account for the circumstances surrounding some fire incidences in some plants nationwide. The committee added it is going to investigate the nature of the inferno that consumed some parts of the power plants which led to the loss of substantial electricity generation.

Some of the affected plants include Gbarain, which had a fire incident; Ihovbor, with a turbine failure, Olorunsogo, Alaoji, Calabar and Sapele IPPs.

According to the committee, over 4,000 megawatts (MW) worth of generation assets entrusted to NDPHC have been substantially damaged and about 500MW worth of generation which can easily be translated to over $500 million has been run down by company.

In addition, the committee asked the management of NDPHC to submit a detailed report of the incidents on Friday.

The company is also expected to appear before the committee on on a scheduled date.
In July, the House of Representatives had commenced an investigation into the planned sale of five Nigerian Independent Power Projects belonging to NDPHC by the Bureau of Public Enterprises (BPE).

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