The handover of the 15 unbundled generation companies (Gencos) and distribution companies (Discos) of the Power Holding Company of Nigeria (PHCN) to the new owners will not happen soon even after conclusion of full payment as at the close of work last Wednesday, Daily Trust learnt yesterday.
Industry sources said that the handover will not be soon due to the inability of government to conclude payments of the severance packages of the former (PHCN) workers.
The sources who didn’t want to be named, said due to the huge amounts involved (over N300 billion), it will not be economically wise for government to release the money at once.
“Because of the huge amount involved, government can’t release the fund at once, it is batch by batch and that will take some time to be concluded,” the source said.
Already, the new owners have made their decision known at a meeting with the power minister recently that they will not take over the companies unless all labour issues are resolved.
The sources who didn’t want to be named, said due to the huge amounts involved (over N300 billion), it will not be economically wise for government to release the money at once.
“Because of the huge amount involved, government can’t release the fund at once, it is batch by batch and that will take some time to be concluded,” the source said.
Already, the new owners have made their decision known at a meeting with the power minister recently that they will not take over the companies unless all labour issues are resolved.
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