10 June 2016, Abuja – The Federal Government of Nigeria has dissolved the executive management of the Niger Delta Power Holding Company of Nigeria Limited led by Mr. James Abiodun Olotu.
Olotu has been directed to hand-over immediately to Mr. Chiedu Ugbo, who has been appointed as the acting MD, according to a statement by the Secretary to the Government of the Federation, Babachir David Lawal.
“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,” Lawal added.
The NDPHC was established in 2005 to serve as the legal vehicle to contract for, hold, manage and operate the assets of Nigerian Independent Power Project, using private sector best practices.
The company which is owned by the three tiers of government (Federal Government, 47 per cent; 36 State governments, 35 per cent; and 774 Local Governments, 18 per cent) generates and distributes electricity through open and combined cycle gas turbine plants.