A Review of the Nigerian Energy Industry

Electricity workers demand 10% equity in PHCN

Electricity workers08 May 2013, Lagos – Workers in Nigeria’s electricity sector are asking for a 10 percent equity share in the assets of the Power Holding Company of Nigeria, PHCN, in line with the law setting up the National Council on Privatisation, NCP.

The workers, under the aegis of the National Union of Electricity Employees, NUEE, and the Senior Staff Association of Electricity and Allied Companies, SSAEAC, warned that investors, who buy any of the assets of the privatised PHCN 100 percent, does so at their own risk as the law granted the workers 10 per cent stake in the PHCN assets.

At a recent National Executive Council, NEC, meeting in Abuja, NUEE came up with the position that its members would not forgo the 10 percent workers’ right as stipulated by the law and urged investors against being deceived into believing they could purchase any PHCN asset 100 per cnt.

NUEE general secretary, Joe Ajaero, said the clarification had become necessary as information at the disposal of the union showed that the assets were being sold 100 percent.

He insisted that despite the 100 per cent sale, the workers would get back the equity at the appropriate time.

Also, SSAEAC, in a communiqué at the end of its NEC meeting in Lagos, said it would engage the government in giving the workers their rightful 10% equity in PHCN companies.

The communiqué was issued by Bede Opara and Abiodun Ogunsegha, President-General and General Secretary of SSAEAC respectively.

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