PHCN Workers: N200billion pension fund missing!

Power Holding Company of Nigeria (PHCN) workers allege that N200 billion pension funds is missing and this has stirred a fresh crisis with the planned privatization of the organization by the Federal Government. PHCN workers perceive the privatization issue as a hurried plan by the government to achieve an alleged hidden agenda, following a revelation that PHCN’s total assets worth N1.5trillion were being undervalued at N200billion.

Minister of Power, Professor Barth Nnaji, recently set up an eight-man committee to investigate the status of pension in the power sector, following some issues arising from negotiations with the workers. According to the Minister, “PHCN pensions have not been operated in line with the Pensions Reform Act of 2004, and for some reasons PHCN workers want to follow the scheme which is against the law.” Nnaji explained that the existing scheme was unacceptable to government as it contravened the 2004 Pension Reform Act and insisted that with effect from July 1, 2012, PHCN must operate its pension scheme in line with the 2004 Pension Reform Act.