Nigerian Government liquidates PHCN

The Power Holding Corporation of Nigeria (PHCN) has been liquidated by the Nigerian Government. Employees of the liquidated company will be absorbed into 18 firms.

In addition,  the Nigerian Electricity Regulatory Commission (NERC) has also withdrawn the funds it previously allocated for the maintenance of the PHCN head office.

Nigeria’s Power Minister Prof. Barth Nnaji confirmed the liquidation this weekend in Abuja saying

“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, the PHCN workers in order to get paid, they need to be transferred to where they can be 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.”

What do you think about the recent liquidation of the Power Holding Corporation of Nigeria?

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2 thoughts on “Nigerian Government liquidates PHCN

  • Ginger

    (January 9, 2012 - 6:49 pm)

    This move is long overdue but being Naija, one has to ask. What is going to happen to the former PHCN staff? Are they going to be fully resorped by the new companies? and if some are going t be made redundant, are there agreements in place to see that they are adequately enumerated? What are the names of the 18 new Companies? Who is on their board? Hope this is not another cabal? More detailed reporting please.

    I hope GEJ and cohort wont have sold Nigeria under our feet before the strike is over.

  • Delavegas

    (January 9, 2012 - 7:50 pm)

    Every industrialized nations first begins with securing their life-line which is power. Power (nuclear, solar, hydro, fossil fuels, etc) to industrialize themselves , aid their local markets develop, exponentially increase economic growth and spike political relevance.

    A country like Nigeria should be a massive power generating sector of the ECOWAS block.

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