The Minister of Power, Prof Bart Nnaji, has said the Power Holding Company of Nigeria will be liquidated by a court order.
He said the company had yet to be liquidated.
Nnaji, who spoke in Lagos on Thursday
during a meeting with the members of the Senior Staff Association of
Electricity and Allied Companies, said operations at the PHCN
headquarters were shut down based on the provisions of the Electric
Power Sector Reform Act.
Nnaji stated that the PHCN headquarters was
spending N500m monthly on salaries and other overheads, adding that the
cost centre had been discontinued from January 1 this year.
According to him, unlike other
stakeholders, PHCN headquarters is not a market participant, hence its
inability to generate revenue for the company as a whole.
Commenting on the deployment of some
workers from the headquarters, he said those deployed would not have
their salaries, allowances or entitlements affected in any way.
Those being redeployed, he added, were principal managers and below. Their number, he noted, was 1,050.
Source: PUNCH
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