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In addition, the Nigerian Electricity Regulatory Commission (NERC) has also withdrawn the funds it previously allocated for the maintenance of the PHCN head office.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