BY EMMA UJAH, ABUJA BUREAU CHIEF

ABUJA—THE Bureau of  Public Enterprises, BPE, and representatives of Power Holding Company of Nigeria, PHCN, workers have entered the final phase of negotiations towards an amicable settlement of the workers’ terminal benefits.

The benefits and rationalisation committee is overseeing the payment of about N384 billion package for about 50,000 workers of the PHCN. It was learnt that from the last staff verification conducted by the Federal Government in conjunction with the workers’ union, there were 10, 000 casual workers, while the permanent staff were a little less than 40, 000.

Presidency sources said $ 2.6 billion (about N408 billion) would be realized from a successful privatization of the 15 successor companies of the PHCN and as such, virtually the proceeds from the  privatization of PHCN would be expended on settling workers’ entitlements.

“What it means is that virtually the public investment in PHCN will now go to its workers in the name of paying entitlements.  In spite of that we believe that it is in the interest of the nation to free the power sector from those who have held it down for many decades, the cost to the public, notwithstanding”, the source said.

The source said with the investors already making good their bids for the successor companies, the government has decided to ensure a seamless takeover of the companies upon the completion of final payments expected within the next three months.

The severance package for the PHCN workers will see them going home with between N8 million to as much as about N40 million, depending on the qualifications, positions and length of service.

Meanwhile, the union is likely to earn more than N3.5 billion in check-off dues from the severance package of the PHCN workers.

It was learnt that the union received about N520 million in check-off dues from N47 billion arrears earlier paid to the workers.

“As at March 21, 2013, BPE had received $559,445,573.96 from 14 bidders for 15 successor companies”, the agency’s Head of Public Communications, Mr. Chigbo Anichebe, had said.

The BPE said it received $31million from four Power Consortium, being the mandatory 25 percent of the bid value for Port-Harcourt Distribution Company; $31.5 million from Interstate Electrics Limited; being the mandatory 25 percent of the bid value for Enugu Distribution Company; and $27,913,633.50 from North-South Power Company; being the mandatory 25 percent of the bid value for Shiroro Power Plc.

Eleven bidders for the successor companies of the Power Holding Company of Nigeria, PHCN, had by Wednesday, last week, paid the sum $469, 031,940.46 (about N73, 638, 014, 580 billion).

Bidders that paid on Wednesday were: Vigeo Consortium, the preferred bidder for Benin Distribution Company, which paid USD $32.25million, being the mandatory 25 percent of the bid value of the Benin Disco; Transcorp/Woodrock Consortium that paid  $75 million; being 25 % of the bid value for Ughelli Power Plc; CMEC/EUAFRIC Energy JV  paid $50,249,965; being 25 % of the bid value for  Sapele Power Plc; Kann Consortium paid $41 million; being 25 % of the bid value for Abuja Distribution Company; Aura Energy paid $20,464,968.15;being 25 % of the bid value for Jos Distribution Company; Mainstream Energy Ltd paid $59,467,500, being 25 % of the bid value for Kainji Power Plc; and Sahelian Power SPV which paid $34.25million; being 25 % of the bid value for Kano Distribution Company.

Others hat had earlier paid the mandatory 25 percent were: Amperion Power Company Limited, the preferred bidder for Geregu Power Plc  which paid USD$33 million; Integrated Energy Distribution & Marketing Company, the preferred bidder for Ibadan and Yola Distribution Companies which paid USD$42.25 million and USD$14.75 million for Ibadan and Yola Discos respectively; NEDC/KEPCO, the preferred bidder   for Ikeja Distribution Company, which paid USD$ 32.75 million; and West Power & Gas, the preferred bidder for Eko Distribution Company which paid USD$33.75 million.