Arik Airline Boss, Joseph Arumemi Ikhide is in hot soup as the Assets Management Corporation of Nigeria (AMCON) has seized Egbema, Omoku NIPP power projects from his company, Rockson Engineering Limited.

The Managing Director of the Niger Delta Power Holding Company (NDPHC), Mr Chiedu Ugbo revealed that AMCON took over Egbema and Omoku power plant projects from Rockson Engineering Limited over the delays in completing them.

The two plants are part of 10 gas-fired power plants being built under the National Integrated Power Projects (NIPP) under the management of NDPHC.

Mr Ugbo added that the delays by the contractor, Rockson Engineering hampered the completion of Egbema in Imo state and Omoku in River state.

“I must say that the ones that have not been completed have been under one contractor, Rockson Engineering due to contractor delay. But we have found a way around the contractor issue now.”

“We are working with the Assets Management Cooperation of Nigeria (AMCON) who has taken over the contractor under a receivership, with the full support of AMCON to complete these projects.”

For the Gbarain NIPP in Bayelsa state whose initial unit was put into operation this year, Ugbo said NDPHC is working to commission the second unit by February 2019.

Mr Ugbo however lauded President Muhammadu Buhari for the intervention to sustain the operation of power Generation Companies (GenCos) through the N701 billion payment assurance guarantee.

“Were it not for the N701bn, generation companies would have folded up by now. We are very grateful to the President for that singular decision to the minister who made that recommendation.”