The Power Holding Company of Nigeria (PHCN) today, rounds off payment of retirement benefits and other entitlements to workers of 10 power generation companies GENCOs being disengaged from the system as part of the ongoing power reform.

This was disclosed by the minister of power, Chinedu Nebo who also reassured that liabilities will not be passed on to the preferred bidders but that the payment of worker’s entitlements for both GENCOs and Discos will be concluded by next two weeks.

According to him, about N384 billion is being paid out to PHCN workers and that the amount includes the gratuities and retirement benefits of the workers who are being disengaged from the PHCN.

Speaking on the assets of the PHCN, the minister revealed that the assets are being put together and that most of them will be put up for sale very soon.

He disclosed that the National Council on Privatisation (NCP) had at one of its recent meetings approved a multi-agency committee for sale of the non-core assets of PHCN.

It was however, gathered that the asset  which were transferred to the Nigeria Liability Management Company Ltd. (NELMCO) in 2010, include the real estate properties, equipment, substation assets, electrical accessories, machinery equipment and landed properties worth billions of naira in current values.