Vice President Namadi Sambo
Chineme Okafor
Chineme Okafor
The Federal Government and members of labour unions of the Power Holding Company of Nigeria (PHCN) have agreed to respectfully resolve all lingering labour-related disputes in the ongoing privatisation of state-owned power firm, PHCN.
Both parties have in Abuja elected to employ honest and swift processes in the settlement of severance packages due to workers of PHCN, thus, underscoring their desire to pursue sustainable “win-win” approaches that will fast-track proceedings in the PHCN privatisation.
Investors in the electricity industry, particularly banks and other lending institutions had variously warned that unresolved labour issues in the power sector reform exercise might jeopardise efforts of preferred bidders to attract favourable financial support in the form of loans for the purchase of PHCN assets.
But the government in recognition of the need to accelerate its reform of the power sector has disclosed its eagerness to offset legally existent severance benefits of workers of PHCN. It also assured that it has enough funds to pay off certified PHCN workers through renewed efforts with PHCN labour unions.
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