Federal Government “Liquidates” PHCN, As Workers Are Being Transferred To Successor Firms

The Nigerian Government has struck Nigerians another huge “blow” as they recently “liquidated” the Power Holding Company of Nigeria (PHCN), with 18 successor firms emerging to privatise the PHCN.

The Federal Government which has stepped up the implementation of the Electric Power Sector Reform (EPSR) Act of 2005. And says PHCN workers will be absorbed by the 18 firms, which were created by law.

The Minister of Power, Prof. Barth Nnaji, who confirmed the “liquidation”, told reporters that the PHCN corporate office in Maitama, the Federal Capital Territory (FCT) would now house the Ministry of Power and its agencies, whoses officies are located in different parts of Abuja.

The Act provides a legislative framework for the reform of the power sector in accordance with the policies set out in the National Electric Power Policy. It removes operational and regulatory responsibilites of the industry from the government.

Prof. Nnaji said: “PHCN is no longer legally in existence and as a result, the regulatory agency simply in its responsibility had instructed the market operator that the PHCN headquarters is not a market participant and it should no longer get funds in effect from this month and that is just in carrying out the law; implementing what is stated in the law. “Now, thee PHCN workers in other to get paid, they need to be transferred to where they can useful. You talked about redundancy, what’s the point of people just sitting in their offices doing nothing? Who is benefitting? Nigerians are paying their salaries and they need to be working to continue to advance the power sector”

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