Former workers of the defunct Power Holding Company of Nigeria (PHCN) are to be allotted 4% of the federal government equity holding in the successor power companies. This was disclosed by the Bureau of Public Enterprises (BPE) in Abuja, when it announced the payment of about N409.92 billion as severance and death benefits to the affected ex-workers.
The BPE spokesperson, Amina Tukur, who made the disclosure in a statement, said the allotment of the shares to the defunct PHCN ex-workers was in accordance with the privatisation policy of the federal government.
The privatisation policy directs the bureau to allow 10% of the outstanding shares of the company or enterprises slated for privatisation to staff of the defunct company. Consequently, Mrs Tukur said the former workers of the defunct utility company were entitled to be allotted 10% of the balance of 40% (4%) of the successor companies reserved for them by the BPE after the privatization exercise.
The BPE said the 10% shares due to workers of the Power Companies would be allotted to them after the Nigerian Electricity Regulatory Commission (NERC), the regulatory authority in the Nigerian power industry, has completed the valuation of the investments in the states by the distribution companies.