Workers of the Power Holding Company of Nigeria (PHCN) in Ibadan, Oyo State on Monday protested against the take-over of the company by the core investors to which the Federal Government (FG) was ready to hand it over.

The workers, under the aegis of National Union of Electricity Employees (NUEE) with different placards stormed the Capital Building, the Zonal Headquarters of the company along MKO Abiola Way (former Ring Road) yesterday and locked it up to register their displeasure over government plan.

Speaking with journalists, the Assistant General Secretary (West), Johnson Omotayo Fati said the protest was aimed at telling the government that members would not be a party to handing over the company to the 14 investors unless all the agreements previously reached were met. He listed their grievances to include non-conclusion of payment of terminal benefits, non-payment of retirement savings fund to Pension Fund Administration

(PFA), non-payment of retirees who disengaged since 2011 and non-regularization of some of the casuals already identified.

Fati also disclosed that his members were irked by non-implementation of 10% equity shareholding by the workers as agreed upon and the non-consideration for payment the shortfall of terminal benefits from June 2012 till date. 

He explained that there had been directive from the national body of the union through a circular signed by the General Secretary, Joe Ajaero stating that “no investor (s) should be allowed into any of PHCN formation by any guise unless the above labour issues are conclusively resolved”.

The unionist told the media that the union, for now would not do anything to

inconvenient the public, but, he warned that should the FG refuse to reverse itself on its scheduled handing over of the company to the investors until all the issues raised were addressed, they would not have option than to use their technical power to ground the country's supply of electricity.