Power Holding Company of Nigeria (PHCN) has witnessed lots of transformation since the departure of former power minister, Professor Bart Nnaji. As the processes privatisation of PHCN are coming to an end, TUNDE DODONDAWA examines the challenges ahead of new owners of the PHCN assets. Excerpts:
Introduction
AFTER reviewing the road map to Power Sector Reform late last year and new deadline set for the payment of new PHCN assets by different bidders, many people, including prospective investors, were sceptical about the ability of these investors to meet the deadline set for them to pay.
AFTER reviewing the road map to Power Sector Reform late last year and new deadline set for the payment of new PHCN assets by different bidders, many people, including prospective investors, were sceptical about the ability of these investors to meet the deadline set for them to pay.
The situation was further compounded when they were asked to make outright settlement of all outstanding labour issues, especially with regards to severance packages for PHCN workers.
Nigerian Tribune reliably gathered that the Federal Government had commenced payment of the severance package with the senior staff of the Transmission Company of Nigeria (TCN) before getting to the lower ranked workers.
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