PHCN workers vow to prevent take over

[Sunexx360]

Staff of the Power Holding Company of Nigeria (PHCN) have said that they will not allow the new investors take over the power stations if the Federal Government fails to paythem their dues under their severance packages.
Representing the workers, under the aegis ofthe National Union of Electricity Employees (NUEE), Joe Ajaero, NUEE's General Secretary, said that allowing the investors to take over the stations would amount to economic fraud.
"If the entitlement of workers are not paid before these investors take over, more peoplewill be impoverished while few continue to live in mass wealth," Ajaero said.
He said that the sale of PHCN's asset for N200 billion was a far cry from its worth when the workers entitlement would cost about N500 billion.
"How will the government raise the N500 billion to pay workers severance package? PHCN generates N300 billion annually and we want to sell it for less, it is sad," he said.
Ajaero said that the union and those who didthe valuation must re-evaluate the assets and liabilities of the corporation, contending that the valuation of a company like PHCN should be transparently done with active participation of all stakeholders to cover the assets and liabilities.
He also urged the government to implement the Hassan Sunmonu Committee's report heldbetween April and July, 2012 on the power sector reform, so as to settle the entitlement of workers.
The demands and entitlement of the workers include: implementation of 53.37 percent increase in wages and five weeks salary for every completed year of service, computed ontotal emolument.

[KingFemzee]

I support your course.

[Nifemi Donald]

PHCN is wack!!!