FG dissolves PHCN, pays workers N360bn

The Federal Government yesterday handed over the Power Holding Company of Nigeria, PHCN, and the 14 successor companies created following the unbundling of the PHCN to their individual new owners across the country in spite of threats by the former workers to cause crises during the ceremony across the country. The handover ceremonies took place in Abuja, Enugu, Egbin, Eko, Ikeja, Benin, Kaduna and Jos simultaneously.
The Vice President, Mohammed Namadi Sambo, said that yesterday’s handover marked the concluding stage of the transaction for the four generation and 10 distribution companies.
Minister of Power, Prof. Chinedu Nebo, who performed the official physical handover of Abuja Electricity Distribution Company to its new owner, Kann Utility Consortium Nigeria Limited, at a ceremony in Abuja noted that the government had successfully paid most of the former PHCN workers their severance and pension packages.
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The Federal Government yesterday handed over the Power Holding Company of Nigeria, PHCN, and the 14 successor companies created following the unbundling of the PHCN to their individual new owners across the country in spite of threats by the former workers to cause crises during the ceremony across the country. The handover ceremonies took place in Abuja, Enugu, Egbin, Eko, Ikeja, Benin, Kaduna and Jos simultaneously.

The Vice President, Mohammed Namadi Sambo, said that yesterday’s handover marked the concluding stage of the transaction for the four generation and 10 distribution companies.

Minister of Power, Prof. Chinedu Nebo, who performed the official physical handover of Abuja Electricity Distribution Company to its new owner, Kann Utility Consortium Nigeria Limited, at a ceremony in Abuja noted that the government had successfully paid most of the former PHCN workers their severance and pension packages. READ MORE