The FG of Nigeria has sacked the entire executive management of the Niger Delta Power Holding Company (NDPHC) of Nigeria
The termination of the service of the Niger Delta power company’s management has been announced on Friday, June 10,The Federal Government of Nigeria has sacked the entire executive management of the Niger Delta Power Holding Company (NDPHC) of Nigeria Limited which is headed by Mr James Abiodun Olotu.
The federal government directed Olotu, to immediately hand over to the newly appointed managing director, Mr Chiedu Ugbo. This was stated in a statement released by the Secretary to the Government of the Federation, Babachir David Lawal.
The secretary to the government of the federation said: “All executive directors of the company and the general manager (audit) are directed to hand-over immediately to the most senior officer in their respective departments. The Federal Government appreciates the services of the disengaged officers during their tenure of office.” The federal government established the NDPHC in 2005. Its objective was to serve as legal link to contract for, hold, manage and operate all assets of Nigerian Independent Power Project, ensuring it uses private sector best practices. The NDPHC is jointly owned by the three tiers of the government, with each tier having certain percentage stake in the company. The breakdown of the stake of each tier is as follows: Federal Government has 47%; The 36 state governments own 35%, while the 774 local governments have 18 per cent) The Niger Delta Power company generates and distributes electricity through open and combined cycle gas turbine plants.
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