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PHCN workers petitions NCP, seek re-evaluation of Successor Companies’ bid

By Victor Ahiumla Young
WORKERS in the nation’s Electricity sector, have petitioned the National Council on Privatization, NCP, seeking a re-evaluation of Successor Companies’ bid for the privatisation of Power Holding Company of Nigeria, PHCN.

Operating under the umbrella of National Union of Electricity Employees, NUEE, the workers argued that  the re-evaluation became necessary following the fallout of Professor Barth Nnaji’s resignation which they claimed suggested that they may have been some undue influences in the overall management of the processes.

In a petition to the Chairman, NCP, the workers also requested for the report of the valuation of PHCN which put the assets and liabilities of the corporation at N200 billion.

NUEE contended that the valuation of a company like PHCN should be transparently done with active participation of all stakeholders.

The petition by NUEE’s General Secretary, Comrade Joe Ajaero, advised that persons who were politically vulnerable should not participate in the privatisation exercise.

According to the petition, “To us it altruism that the undue influence issue might have not have been restricted to Afam Power Plant and Enugu Electricity Distribution Zone of PHCN alone, we believe the whole process had been grossly infested by the menace.

With all sense of patriotism, we demand also for the report of the valuers of PHCV assets and liabilities who actually came up with the current value of PHCN put at N200 billion only.

Valuation of a company like PHCN should be transparently done with active participation of all stakeholders.

We believe that this is the only way credibility and transparency would be seen to have returned to the whole privatisation process. This will enhance investors’ confidence and those of the international community.”

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