Business
PHCN Workers Vow To Stop New Investors
The Power Holding Company of Nigeria (PHCN), workers have vowed not to allow the new investors take over the power stations if Federal Government fails to settle their severance packages.
The workers under the aegis of the National Union of Electricity Employees (NUEE) gave the warning on Saturday in Lagos at a news conference as those who won the privatisation bid are planning to acquire the stations.
NUEE’s General Secretary, Mr Joe Ajaero, said that allowing the investors to take over the stations would amount to economic fraud.
“If the entitlement of workers are not paid before these investors take over, more people will be impoverished while few continue to live in mass wealth, “ Ajaero said.
He said that the sale of PHCN’s asset for N200 billion was a far cry from its worth when the workers entitlement would cost about N500 billion.
“How will the government raise the N500 billion to pay workers severance package. PHCN generates N300 billion annually and we want to sell it for less, it is sad,’’ he said.
Ajaero said that the company’s revenue profile proved that PHCN generates about N25 billion a month which amounts to N300 billion annually.
He said that the union and those who did the valuation must re-evaluate the assets and liabilities of the corporation. The general secretary said that the valuation of a company like PHCN should be transparently done with active participation of all stakeholders to cover the assets and liabilities.
He said that the National Council on Privatisation (NCP) Act stated that 10 per cent share of the sale of PHCN should be given to employees, “which is not debatable’’.