PHCN employees resists takeover

Employees of the Power Holding Company of
Nigeria have vowed to resist the takeover of
the electricity distribution and generation
companies by the successful buyers until all
outstanding payments are made.
The workers’ position contradicts the recent
pronouncement by the Federal Government
that the successful bidders who met the
deadline for the payment of the 75 per cent
balance of their bid prices could now take
over the companies.
Our correspondent gathered that the Federal
Government had not cleared the workers’
pensions as captured in the agreement
between both parties, but it went ahead to
announce that all was set for the private
investors to take over.
The General Secretary, Senior Staff Association
of Electricity and Allied Companies, an
umbrella body for the PHCN workers, Mr.
Abiodun Ogunsegha, said on Sunday that the
government was wrong to have stated that the
power firms would be handed over to
investors.
He said, “No company can take over until
payments are concluded. Yes, the government
has paid some workers, but it has not
concluded the payment.
“The payment is ongoing. The understanding
we have is that payment has to be concluded;
but this has not happened.
“What they are paying is the severance and
gratuity part of the agreement. They have not
paid the pension. But they are promising that
they will pay all. Until that is done, it will be
wrong to say you are handing over the
companies to private investors.”
The Minister of Power, Prof. Chinedu Nebo,
had said in a statement that the government
had recorded substantial compliance with the
payment terms by the preferred bidders and
stressed that the investors could begin to take
over the electricity companies.
“The completion of payment now entitles the
preferred bidders to take full possession of
the 15 PHCN unbundled entities, which
include 10 distribution companies and five
generation companies,” Nebo said.