The Federal Government is yet to allot the 10% equity shareholding in the privatised power distribution companies to its workers because some state governments have not responded to the request by the Nigerian Electricity Regulatory Commission (NERC) to provide details of their investments in the distribution companies prior to their privatisation, Daily Trust reports.
The Director-General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, explained that the information would enable NERC undertake evaluation of all state government investments in the distribution network in their states. He made the statement in an interactive session with officials of the two trade unions in the electricity sector led by Comrade Joe Ajearo, the General Secretary of the Nigerian Union of Electricity Employees (NUEE).
Okoh pointed out that it was only when NERC; “finishes the assignment that the BPE can allot to workers and state governments and whatever is left would now be reserved for Initial Public Offering (IPO) when the companies become profitable.” “We are working with NERC to conclude this assignment. NERC has assured us that by the end of June 2017, it would take a final decision on the matter,” he added.