A Review of the Nigerian Energy Industry

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

Victor Ahiuma-Young

08 September 2012, Sweetcrude, LAGOS – WORKERS in Nigeria’s sector, have petitioned the National Council on Privatisation, NCP, seeking a re-evaluation of bids for the successor companies in the privatisation of the Power Holding Company of Nigeria, PHCN.

The workers, under the umbrella of National Union of Electricity Employees, NUEE, argued that the re-evaluation became necessary following the resignation of former Power Minister, Professor Barth Nnaji, which, they claimed, suggested 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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  • The privatisation of the entities of the PHCN has become a funny business. But it is important to note that the power utility has come to epitomise inefficiency and corruption on a scale that bugs the minds. So far as some of us are concerned government should sell the PHCN entities scheduled for privatisation for a token to companies with well established pedigree. Nigerians are only interested in efficient service delivery.