An House of Representatives Committee on Thursday started investigations into the sale of assets of the Power Holding Company of Nigeria (PHCN).

Chairman of the committee, Hon. Wole Ojo disclosed this on Thursday in Abuja at the inaugural meeting of the ad-hoc committee.

The committee was also mandated to investigate the liquidation of PHCN under the Electricity Power sector reform Act, under the supervision of Bureau of Public Enterprises.

Oke said, “at the end of the motion, the House resolved to mandate the committees on Power, Public Procurement and Privatisation to investigate the status and sale of all non-core assets under the PHCN regime.

“The committee is also expected to ascertain the methodology that was used for liquidation; whether such properties were well valued.

“The committee is to ascertain whether the agencies ensure full compliance in the sale of properties that have not been sold and if such funds were transferred to the Federal Government.”

He promised that the committee will uncover the exact amount from the privatisation of public assets by the previous administration.

“We are aware that there are thousands of properties under the former PHCN scattered across the length and breadth of this country which we need to look at how they were liquidated.

“Although, the task ahead of us to achieve result is enormous, but with your cooperation, we can achieve a lot on this assignment,” Oke said.

Azeez