Labour issues strike notice, says banks’ take-over of DISCOs worsening supply crisis

Organised Labour in the nation’s Electricity sector, has rejected the take-over of some Electricity Distribution Companies, DisCos, by banks among others issuing notice of strike.

In a 14 day ultimatum to the Federal Government through the Ministers of Power, Labour and Employment among others, dated July 7, 2022, the Organised Labour contended that “It is obvious that the owners of these DisCos would not have obtained loans from Banks with the DisCos/Facilities as collateral Pre-Privatization and there is no way the Banks will seize DisCos, GenCos or any other Company before take-over under the pretence that they were indebted to them.”

Labour which recalled warning the Federal Government before the Privatisation of assets of the defunct Power Holding Company of Nigeria, PHCN, that those pushing to buy had no financial and technical capacities to run the sector, insisting that it had been vindicated.

Labour which recalled warning the Federal Government before the Privatisation of assets of the defunct Power Holding Company of Nigeria, PHCN, that those pushing to buy had no financial and technical capacities to run the sector, insisting that it had been vindicated.

Under the aegis of the National Union of Electricity Employees, NUEE, the Organised Labour argued that “It does not make both Technical and Socio-Economic sense for the Federal Government to indirectly hand over the operations of Electricity Companies to Banks.”

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