Besides the N85bn earmarked in the 2012 budget to pay off workers of the Power Holding Company of Nigeria’s successor companies, the Federal Government is also likely to use part of the envisaged N200bn proceeds from the sale of the firms to settle the entitlements of workers.

The Minister of Power, Prof. Bart Nnaji, told our correspondent on the telephone on Monday that part of the proceeds of the sale could be used to supplement the N85bn in the budget to pay off the workers.

Nnaji said, “Yes it is true that the N85bn in the budget might not be enough and in that case part of the privatisation proceeds will also be used to pay the workers’ entitlements.”

He told our correspondent earlier that N85bn had been earmarked for the payment of the entitlements in the 2012 budget.

The PHCN workers are currently in talks with a Federal Government team over what their entitlements would be, though the talks have been largely deadlocked.

The Federal Government had in 2010 earmarked about N200bn to pay PHCN workers but part of the fund was used to pay their monetisation benefits, while the remainder could not be utilised because the privatisation process could not be concluded.

The Bureau of Public Enterprises has said about N200bn will be realised from the privatisation of the 18 successor companies created from the unbundling of PHCN.

According to a statement issued by the spokesman, BPE, Mr. Chukuma Nwokoh, the Director-General of the bureau, Ms Bolanle Onagoruwa, said during a management retreat held in Abuja that over N1.2bn had so far been collected as privatisation proceeds for 2012.

more: http://www.punchng.com/business/business-economy/phcn-workers-to-get-pay-offs-from-privatisation-proceeds/

ok now. Let wait and see d result of privatisation

Laffº˚˚°º≈donº˚˚°º≈giveº˚˚°º≈meº˚˚°º≈sixpacksº˚˚°º≈ Oo°˚˚˚° ђåª•ђåª•ђåªђåª•ђåª•ђåª

Chai, another set of people on the verge of joining the unemployment queue. Hope they 've got plans for their future by now.

please how can i open a thread/topic in nairaland with my fone?

Good move. Privatization is key. It will facilitate the much desired improvement in power supply. But they should make sure this settlement money is not embesseled or mismanaged like previous govt packages.

crackhouse: Chai, another set of people on the verge of joining the unemployment queue. Hope they 've got plans for their future by now.

i belev ur read d content of d thread.dy wil be paid dia entiltlment.nd entitlment in fedral parastatals re smtng gud 2 tak home,so if dm lyk mak dm use am tak shai,or codene or amala wit eba na dm wahala.we re tird of nepa,lets hav a change,ful stop.weldone oga jona nd barth

mai gaskiya: i belev ur read d content of d thread.dy wil be paid dia entiltlment.nd entitlment in fedral parastatals re smtng gud 2 tak home,so if dm lyk mak dm use am tak shai,or codene or amala wit eba na dm wahala.we re tird of nepa,lets hav a change,ful stop.weldone oga jona nd barth

Will average staff get N5 million at the end of this Pay-Off drama

miteolu:

Will average staff get N5 million at the end of this Pay-Off drama

WYSIWYG!!!!!

This is good news...

Most PHCN workers are incompetent and useless. For the privatisation of PHCN to make any sense, the new companies need to be given the freedom to pick their employees and retain the old staff members that meet their standard..

If sacrificing the jobs of a handfull of PHCN workers would guarantee us better power supply and services, so be it... They will also benefit from it.

If privatisation is the solution to the problem of power in Nigeria then i gladly welcome this move. Once the issue of power is resolve, more than seventy percent of our problem will go with it. I cant wait for this move to yield the desired result.

May God give our govt and people the will and power to do what is good and perfect will of God. Amen.

Our govt is really putting on a thinking cap..also good to see that the phcn workers ain't being adamant as like before when this privatization issue first came up.. Nigeria should move forward and only complete though regulated privatization of phcn can we get it right in our quest to glory in the area of power generation.. I ll hope that the govt keeps to their words and adequately give these workers their entitlement though many will be re-employed by the new owners

Only if it will not be like the NITEL payoff where it tool up to 3, 4 years before some of the laid off staff got their gratuity.

Spirit of Okija: This is good news...

Most PHCN workers are incompetent and useless. For the privatisation of PHCN to make any sense, the new companies need to be given the freedom to pick their employees and retain the old staff members that meet their standard..

If sacrificing the jobs of a handfull of PHCN workers would guarantee us better power supply and services, so be it... They will also benefit from it.

which do you prefer to use amongst the two bolded.

most means many are incompetent
and
hence most and not a handful will be laid-off

If only Nigerians understand the gimmick that the Fed Govt is doing with this. I must say that they are very serious and sincere about privatization of the system and the fact that it will certainly bring about some change, but we must understand what happen in the case of NITEL which everybody believed today that it was privatized, but truly was commercialized and they crumbled NITEL because they really cannot manage it and also because they don't want competition due to some of their little interest in the communication biz then.

If they sell PHCN - its building facilities, transformers, poles, the cables, even the money they are investing on it now, all for NGN200Bn. Do a thorough calculation of it, without sentiment.

The workers are also asking that they pay them off reasonably before they come take it over and no qualms!

Don't also bother yourself with the fact that it is not the Distribution Coys that generate the light, they only buy from the National Grid and sell to Customers and that is why we don't have enough light to go round, since they have excuse why generation cannot improve now because no gas or water level is either 2 low or overflow.

The Distribution Coy can only be blame for not making available transformers to community (if they have), clear fault when reported and some unscrupulous element called Marketers extorting ignorant customers (few that do not know their right).

Don't also bother about the cost of energy then since buyers would be allowed to make profit, since the present cost of electricity is subsidized by Govt (MYTO)

Please do not misquote me - Privatization of the system is good and would be encourage, but aware of its eminent dangers and be prepared for the worst.

usbcable:

which do you prefer to use amongst the two bolded.

most means many are incompetent
and
hence most and not a handful will be laid-off

I'm sorry about that, I was using handful in comparison to the general workforce of the country...

This Govt is not sincere abt this privatisation process with the way their representatives and the PHCN labour unions are negotiating. Their meetings always ends in a deadlock on wat to compensate workers with.

The workers are not the problem, its the Govt policy that is killing the sector just like any other sector we have around in the country or who can tell me any perfect working sector in Nigeria, is it the Health sector that has collapsed totally that Nigerians prefers to go to India or UK to die or our security system that has been overwelmed with the Boko Haram, Militancy or Armed Bank robberies or our roads that have become death traps?

Simple reason why Nigerian hates PHCN aside the normal blackouts is dat we dont like paying bills, we always want to look for a way out. The blackout thing is dat you cannot give wat you dont have, Our generation is very low and you expect stable power supply, is it possible?

Nigerians shd hold GE Jonathan accountable for failing to deliver on his campaign promises wich you gullible Nigerians voted him for!

Fellow Nigerian how do you expect a Man to feed 1Million people with #200 bread? how do you expect entire Nigeria to have stable power supply with 3000MW. whose suppose to generate electricity? what Mw (megawatts) do will actually needs to have stable power supply? Nigerian let wake up from our slumber, there is no love of the citizens from our leaders. may God help us .