The National Union of Electricity Employees [NUEE] has attributed the recent takeover of Abuja Disco, among other electricity Distribution Companies(Disco) to shoddy privatisation exercises of all privatised companies, especially, Power Holding Company of Nigeria [PHCN] eight years after the exercise.
The national president of NUEE, Comrade Martin Uzoegwu, who attributed the takeover of Abuja Disco by United Bank for Africa [UBA] to inability of the distribution company to access intervention funds, called on the federal government to wade in as it has 40 per cent shares in the electricity sector.
He tied the inability of Abuja Disco and others, on dearth of technical expertise to bring the needed turnaround revival of electricity sector.
The NUEE helmsman, who made this known to NATIONAL ECONOMY blamed failure of all Discos to achieve the expected aspirations of Nigerians on shoddy privatisation exercises of all privatised companies, especially Power Holding Company of Nigeria [PHCN] eight years after the exercise. He called on federal government to wade in as it has 40 per cent shares in the electricity sector by cancelling the privatisation.
According to Uzoegwu, Nigeria was not and is now not yet ripe for privatisation, especially, the electricity sector.
“Electricity industry was sold to those who had no new thing to offer, they did not bring in any foreign money or technicality to what they met on ground.
“This happening is a reflection of what we said then. By UBA taking over Abuja Disco union has been justified on why we then resisted it. Before the privatisation, we called on Federal Government to throw the door open for private hands to set up their electricity generation alongside the existing one.
“But rather, federal government sold off the company to those who had nothing to offer, they did not have fund to inject as investors rather they went to take loans from local banks, now they are finding it hard to payback such loan.
“Eights years after, infrastructure deficit is still there, none of the investors who hitherto are not known by Nigerians did not have technical exerpertise, network infrastructure have not improved since then, they are still on 4000 megawatt generation they met on ground, they forced their ways despite our union’s warning. What we want now is federal government to cancel the privatisation as the investors could not bring any improvment after eight years,” he pointed out.
Reacting to question of job security for those in the Abuja Disco, Uzoegwu said, “As it is now, we hope workers job will not be affected as banks who have no experience in electricity has taken over, as since the bank may not have the technicality, Abuja and other Discos that used companies as collateral for loans may run out of business.”
UBA management has taken over Abuja Disco following their inability to pay the $122million loan they took from UBA.
