The handing over of the 15 successor companies of the Power Holding Company of Nigeria, PHCN, being privatised to new investors scheduled for May, this year may be postponed if the government fails to meet the expectations of labour unions, who have insisted on a bumper exit package.
The handing over of the firms was previously fixed for May this year when the bids were announced last November and the government has already set up transitional committees to oversee the completion of the privatisation of the electricity generation companies, GENCOs, and the distribution companies, DISCOs following the payment of 25 per cent of their bid value by the preferred bidders.
But investigations showed that the May target may not be feasible as the Technical Committee established to work out the details for the payment of workers’ severance benefits has discovered some irregularities in data supplied by the PHCN.
These included staff numbers, age, years of employment among others which has prompted the Committee to submit the documents to offices of the PHCN in different parts of the nation
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