PRIVATISATION: President Jonathan Hands over Certificates to PHCN Successor Companies

President Goodluck Jonathas has handed over the share certificates and licenses to 14 new core owners of the Power Holding Company of Nigeria (PHCN) successor companies with an assurance that things can only get better in the power sector.

Jonathan  described the process of the privatisation programme as the most transparent in the history of privatisation in the country and that government is working out modalities to tackle the challenges such as the payment of severance allowances to the PHCN staff.

He observed that the payment of emoluments to the PHCN staff have almost been completed but called on labour to shun demonstration as the decision taken is for the greater good of all Nigerians.

Staff of the PHCN had earlier protested against the takeover of the companies, insisting that the federal
government completes payment of their emolument.

The Permanent Secretary, Ministry of Power, Godknows Igali had on Friday September 27th explained that the delay in payment of the entitlements of disengaged staff was to ensure that no mistakes were made.

In an interview with journalists after a meeting with Vice President Namadi Sambo at the Presidential Villa, Igali said the delay not withstanding, remarkable progress has been achieved in the privatising the PHCN.

According to him, all issues relating to labour and others would be resolved before the handover and takeover, adding that “There is progress in the handing over of the 10 distribution companies and four generating companies,  we are in the last stages. A formal ceremony will take place to hand over the documents to the new owners.

Igali howeveer noted that “There will be no physical handover until the end of this year. We are starting with handing over of the documents, the protocol ceremony for Mr. President to preside over after which, we have one month to undertake cropping issues, for example labour.

“We are making very good progress to ensure that all workers are paid. When you are dealing with paying accounts of workers, about 40,000 people, you have to be careful because it is not something you rush into” he said.