Workers of the Power Holding Company of Nigeria (PHCN)have disclosed that the actual worth of PHCN is N1.5 trillion, as against N200 billion claimed by the Federal Government.

The aggreived workers said the hurriedly planned privatisation of the company by the government was with hidden agenda, as the company’s total assets worth N1.5 trillion was undervalued for N200 billion to give it to buyers at peanut.

The workers, under the aegis of the National Union of Electricity Employees (NUEE)) and Senior Staff Association of Electricity and Allied Companies (SSAEAC), said this at the weekend in Lagos while briefing newsmen.

They also disclosed that the new tariff regime introduced by the government had increased the monthly revenue of PHCN from over N18 billion to N25 billion to make it possible for purported buyers to acquire the assets.

NUEE’s General Secretary, Comrade Joe Ajaero, explained that the 14-month negotiation between the Federal Government and the labour unions that ended without concluding the most important issues of severance payment, gratuities and pensions, became a mere drama as the government made a U-turn to turn down workers’ request.

He said the government claimed it had no money to pay workers, whereas it lied to Nigerians that assets of PHCN were worth N1.5 trillion, now to be valued for N200 billion.

According to him, “the building assets, transformers, transmission cable lines, cars, poles of PHCN nationwide that are now valued for N200 billion, though the government claimed the company liability was N400 billion, when put together as total assets of PHCN, are worth N1.5trillion.”

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written by Ochonogor, July 17, 2012

At this stage, nothing should deray the privitasatyion of PHCN. This people should please not take us backward. NITEL today cannot be sold. PHCN had never been effective. Nigeria need light for development. Not talk. The union should think of take advantage of the new law that allows groups and individuals to generate and distribute light in their communities. Enough is enough of PHCN staff and uion

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PHCN
written by ISICHEI, July 17, 2012

PHCN UNIONS SHOULD PLEASE GIVE WAY FOR THE COMPANY TO BE SOLD EVEN IF IT IS FOR ONE KOBO THEY STILL BELIEVE THEY ARE USEFUL TO US IN NIGERIA WE WANT BETTER HANDS TO HANDLE POWER IN NIGERIA

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LET PHCN GO!
written by Babalola Raheem, July 17, 2012

For whatever it was worth, PHCN has always been a drain on the economy of Nigeria and Nigerians in general. Workers of PHCN should partner the Federal Government in finding immediate and viable solutions to the power challenges we're currently facing, not making themselves clogs in the wheel of progress for the nation. Even if PHCH is sold for less than NGN 200billion, let it be, as long as the power situation is turned around; we shall be better off.

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mr
written by Eyitayo, July 17, 2012

Just like NITEL, PHCN workers should realise that they have collected their pention and gratuity in advance. The government should send them home and give us companies compitent enough to provide us uninterupted power that will move Nigeria forward.
Their crocordile tears will take us nowhere. Let the assets be valued at 10kobo, we are ready to move on from there.
Are they not all living among us and don't we see their life style and how they live above their means? To hell with them and their so called unions.

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We need PHCN Services not value
written by Stanley Ologun, July 17, 2012

I want the president to hastily sell PHCN so that the private sector can make genuine investment and extend electricity to every one. I want the presient to dash PHCN out to genuine investors that will give Nigerians stable electricity. Whatever PHCN is worth is not the issue now. Afterall, PHCN is the direct investment of individuals,communities companies, local and state governments. FG just claim ownership by share intimidation. We need to be free from FG and their cronies (PHCN Staff) strong hold. I urge GEJ to complete the sale before OCtober 2012 dealine.

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http://www.jordanhomme.com
written by jordan homme, September 25, 2012

klbnws so pretty.You are a good teacher. Lucky student!,jordan homme www.jordanhomme.com 898652

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