PHCN To Become Extinct In October 2013

Only  26, ,000 out of  49, ,000 former workers of Power Holding Company of Nigeria have been paid up to date despite the fact that government is hoping to hand over power generation and distribution companies to their new owners by October this year.

The Nigerian government is however determined to complete the process of settling  severance packages to ensure a smooth hand over of 15 generation and Distribution companies to private owners.

The National council on Privatization expressed this resolution on Friday as it met to tie up the few loose ends before the Power Holding Company of Nigeria becomes extinct.

These are the final days before the much vilified Power Holding Company of Nigeria PHCN becomes a footnote in history and a new set of actors take over the responsibility of providing electricity for Nigerians.

A lot of resistance had preceded this event especially from workers who felt they had not been given a good deal and who had disputed the value of the severance packages despite the over 384 billion Naira set aside to settle disengaged workers. 

Nevertheless the handover of the Government owned Power Distribution and generation companies is going ahead but not before all entitlements of former workers expected to be paid before the end of September.

Government is also organizing massive severance training of the PHCN workers on post retirement benefits even though it is expecting them to be promptly re engaged by the new owners.