By Victor Ahiuma-Young & Temitope Titilope

TRADE Union Congress of Nigeria (TUC) has faulted government’s planned privatisation of the Power Holding Company of Nigeria (PHCN), declaring that a strategic partnership whereby a core investor has 51 percent equity share while government retains 49 percent remains the best option for the nation.

President-General of TUC, Comrade Peter Esele, who spoke in Lagos against the backdrop of the controversy trailing the planned sale of PHCN, argued that Nigerian Liquefied Natural Gas (NLNG) model should be adopted.

Comrade Esele, said this was the position of TUC leaders who met under the aegis of the Central Working Committee, CWC, in Lagos.

According to him: “The CWC- in Session viewed critically government’s decision to carry out power sector reform by way of outright privatisation.

While admitting that power sector cannot remain as it is, the session disagreed vehemently with just outright privatisation. It called for caution and expressed preference for strategic partnering with core investors on 51/ 49 equity.

The session also warned that will resist the use of the programme as a way of transferring PHCN, a strategic public utility to friends, buddies, acolytes and political hangers – on of the power to be. The session also called on the Bureau of Public Enterprises ( BPE ) to ensure that PHCN worker’s interest are not only protected, but considered in th equity.”

Speaking further, Comrade Esele posited that a wholesale privatisation of PHCN, would not even add to the existing megawatt, not to even talk of stable power supply, saying all the individuals now using the privileged position in the Presidency to scheme on how to take over PHCN had licences to generate power, but could not even add a megawatt to the system.

Until government put in place the right measures the privatisation of the Power Holding Company will not solve the epileptic power supply currently being experienced in the country.

Comrade Esele said “ The federal government should allow private investors to put in their money by buying 51 per cent equity shares while retaining 49 per cent equity shares.  If these individuals perform well,  then government could  sell 10 per cent more to them,  but if their performance is poor,  the government will buy these equity back.

We have to guide against what happened to most of other privatised public assets that have now been abandoned or turned into warehouses. We are all living witnesses to what has happened to Ajaokuta Steel Complex, Daily Times, Osogbo Steel Rolling Mill,  Delta Steel, Nigerian Airways and so on.

These assets  have been reduced to carcasses after privatization. Can you imagine, what would have happened to this country if these enterprises were PHCN?  I Bet you, this country would have been turned upside down. We need to go beyond personal interest and selfishness and be a little patriotic.

Those of them presently in the Presidency and outside the Presidency who are scheming to buy PHCN, where part of those who created the problems why PHCN is how it is today.”

The President – General added “the reason why there is a government is to protect the interests of those who are weak in the society as some individuals cannot make decision for themselves as a society is strong and viable when it is able to protect the weak in that society.”