Workers insist on 10% equity in PHCN

By Victor AHIUMA-YOUNG

WORKERS in the nation’s electricity sector, have insisted that they will not forgo the 10 percent equity share in the assets of the Power Holding Company of Nigeria, PHCN, being privatized by the Federal Government in accordance with the law setting up the National Council on Privatisation, NCP.

This came as they urged Government to come up with a policy statement on metering of customers in the sector because of seeming confusion over provision of meters to customers. Under the umbrella of the National Union of Electricity Employees, NUEE, and its Senior Staff Association of Electricity and Allied Companies, SSAEAC, counterpart said any individual or group who buy any of the assets 100 percent, does so at his or her own risk.

NUEE had at its National Executive Council, NEC, meeting in Abuja, argued that on no account would members forgo the 10 percent workers’ right as enshrined in the law, advising investors not to allow greed blindfold them into what they could regret later.

General Secretary of the NUEE, Joe Ajaero, said though information reaching the union was that the assets were being sold 100 percent, but declared that at the appropriate time, the workers would get back the equity, explaining that the 10 percent equity share was independent of Government share.

Similarly, SSAEAC, in a communiqué at the end of its NEC meeting in Lagos, said the union would engage Government in setting aside the equity of 10% in PHCN formations slated for sale to the workers in accordance with the regulations guiding privatization of Government owned business ventures. It noted that government should consider the release or sale of PHCN Afam Plant, Orji River Plant, Calabar Plant and Ijora Power Station to the workers as part of its privatization programme.

 

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