FG dissolves PHCN, pays workers N360bn

Yesterday The Federal Government handed over the Power Holding Company of Nigeria, The handover ceremonies took place in Abuja, Enugu, Egbin, Eko, Ikeja, Benin, Kaduna and Jos simultaneously.PHCN, and the 14 successor companies created following the unbundling of the PHCN to their individual new owners across the country in spite of threats by the former workers to cause crises during the ceremony across the country..

The Vice President, Mohammed Namadi Sambo, said that yesterday’s handover marked the concluding stage of the transaction for the four generation and 10 distribution companies.

Minister of Power, Prof. Chinedu Nebo, who performed the official physical handover of Abuja Electricity Distribution Company to its new owner, Kann Utility Consortium Nigeria Limited, at a ceremony in Abuja noted that the government had successfully paid most of the former PHCN workers their severance and pension packages.

“Already, N360 billion has been paid out. The remaining N30 billion or so is in the pipeline and all the issues of certification, biometric capture and making sure that clearance is done are being completed,’’ he said.

Nebo explained that the Federal Government and the two key workers’ union leaders in the sector reached an agreement on Thursday to peacefully handover the power firms to their new owners

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