₦airaland Forum

Yes, this was essentially d only obstacle to d conclusn of d Privatizatn process of PHCN..... The process is right on schedule. The bidders hv already submittd Bank guarantees for 15% of d value of dier bids, individually negotiatd the payment and takeover modalities with BPE, and are supposd to pay 25% of d bid value b4 d end of d month and d remaining 75% afta dat- all on schedule; and now dat labour issues hv bn resolvd, sm of dem shld be tking over dier companies by at least March/April nx yr.... GEJ shld conclude dis extremely critical process (which has bn very professionally and transparent done so far) and write his name in gold 4eva

God bless his effort jare....

Federal Government and labour unions in the Power Holding Company of Nigeria (PHCN) have finally agreed to put the lingering disputes that had threatened to truncate government’s effort to privatise the power sector behind them.

At a meeting hosted by Secretary to Government of the Federation (SGF), Anyim Pius Anyim, which lasted till about 11.45 p.m. on Tuesday both parties resolved that the power reform process could now move ahead.

PHCN in-house unions – the National Union of Electricity Employees (NUEE) and Senior Staff Association of Electricity and Allied Companies (SSAEAC) – had for more than 20 months been locked in prolonged negotiations with government over condition of service, including demand for payment of workers’ gratuity up to June 30, 2012 as against the previous position of government of June 30, 2004.

Minister of Labour and Productivity, Emeka Wogu, who read out the agreement to newsmen shortly after the meeting in Abuja at mid-night, stated that both “parties have agreed that the following items will constitute the heads of agreements which will be implemented by the FGN in final resolution of all claims by the labour unions in the PHCN in relation to the said labour liabilities:

“Total accrued pension as at June 30, 2007 shall be paid in accordance with the defined benefit scheme stipulated in the PHCN 2010 conditions of service. Twenty-five per cent is payable to existing staff of PHCN while 75 per cent shall be paid into retirement savings account.”

He added that “total accrued pension contributions shall be paid from July 1, 2007 through June 30, 2012 in accordance with the provisions of the Pension Reform Act 2004.

“Severance shall be paid as 20 per cent of total accrued benefits being the sum of accrued pensions as at June 30th 2007. Accrued gratuity as at June 30th 2012 and 15 per cent pension contribution from July 1, 2007 through June 30th 2012.”

Other aspects of the agreement, according to minister, are: “Repatriation allowance shall be paid five per cent of annual pensionable emolument. Long service award shall be paid in accordance with the provisions of PHCN 2010 conditions of service and 13th month salary shall be paid in accordance with the provisions of PHCN 2010 conditions of service.”

The agreement was signed on behalf of the Federal Government by Ayim, while President of the Trade Union Congress (TUC), Peter Esele, and Secretary General of the National Union of Electricity Employees (NUEE), Joe Ajearo, signed on behalf of the unions.

Speaking to reporters, Esele explained that the meeting which began at about 4.00 p.m. finally resolved all outstanding issues after some heated argument.

He noted that both parties had to shift grounds in the interest of the country.

“Now the government will have no more excuse that the union is preventing the reforms from working. We hope to see 24 hours power supply in Nigeria soon.”

SSAEAC’s President, Bede Opara, while welcoming the new agreement as a push in the right direction, called on government to look into an earlier bill passed by the National Assembly that seeks to encourage investors to go to localities in the country to generate power and sell to those localities, as opposed to the idea of ‘distribution companies’ that emerged from the unbundling of the National Electric Power Authority (NEPA) playing that role by NASS as a way of jump starting the sector.

“We call on the Federal Government to install gas turbines where there are no dams because some dams that were commissioned in the 1980s are still not being utilised, and therefore the Federal government should allow the states where they are built to use them for the sector to thrive.”

NUEE’s General Secretary, Ajaero, in his remarks, stated that it is high time the Federal Government identified individuals who are preventing the sector from performing and getting them out of the system.

Also in her own remarks, Minister of State for Power, Zainab Kuchi, noted that what is now left is the issue of payment, adding that the ministry will have to make funds available for settlement of the payments

http://dailyindependentnig.com/2012/12/phcn-sales-fg-electricity-workers-resolve-rift/

Our NL.....congrats

These EFCC chaps hv bn on a row since August since they startd implementing d new Anti-money laudering law....and i bliv dat they wud do much beta if d Judiciary handled corruptn cases more swiftly dan they do presently. Let d CJN just fulfil her promise to appoint Special Judges for Anti-corruption Cases, so dat cases can be decided say within a yr and so dat these powerful 'thiefs' and dier Lawyer frnds wud no longer tk advantage of d loopholes in d Judicial process ala adjournment etc

Make una dey read article well b4 una dey mk noise! They didnt say d guy stole #159bn. The money is from 2005-2011 and what d Senate want to get info about hw d money was expended in d said period and they want d guy to give info in dier investigatn; d problem is dat dis Maina hv always maintaind dat sm membas of d Senate committee, and d on-and-off fight bw dem hv bn going on for sm time

I just dey laugh....just in a week i hv heard of sm HUGE projects completd in diff parts of d country. One of d largest Steel mills commissiond in Ogun; d largest Ceramic industry in Africa commissiond in d same Ogun; one of d largest and most sophisticated Gas-to-Liquid plants in d world, a multi-billion dollar Chrevron project in Delta state dat is virtuali complete and wud begin operatn early nx year; and now dis, amongst many odas- ALL BUILT BY FOREIGNERS. Foreigners are tking advantage of d economy and investing massively in most areas of d economy (there is a thread on Nigeria hving by far d highest FDI in Africa last yr on d front page now) WHILST many Nigerians, esp young Nigerians, whine and complain and sit dier lazy azz down... I just dey laugh

CFCfan: I agree with the EFCC Chairman that there should be special courts dedicated to the handling of economic and financial crimes. This would guarantee the speedy trial of financial crimes.

And dis is d most CRUCIAL point in d fight against corruptn presently.. Just last sunady at ChannelsTV law programme (law weekly, sundays 9:30-10:00pm) Femi Falana almost exoneratd d Anti-corruption Agencies and namd SOME lawyers and judges as d main culprit in d fight against corruptn as they friviously delay cases in court, thereby frustrating d fight against corruptn. He then made sm interesting contrast bw d British legal system's handling of d Ibori' case and dat of her Nigeria's counterpart... I hv often argued here dat d most critical move that can happen right away in d fight against corruptn is for THE CJN TO FULFILL HER PROMISE AND APPOINT SPECIAL JUDGES AGAINST CORRUPTN CASES as a general judicial reform is pursued as dis wud enable well prosecutd cases to be concluded in say a yr instead of d present 'eternity' it tks; d astonishing tin is dat dis can be achievd if substaind pressure is put on d CJN whilst respecting her very sensitive office

So they have not been paid to this day? *smh*...... I completely support this move

By the way, in this year alone:


* GDP has increased by an average of 6.5% (one of the fastest in the world)
* The naira has appreciated by about 3.2% (the best or 2nd best performing currency in Africa this year)
* Foreign Reserves has increased from $32billion early this year to about $47billion and would probably hit $50billion before year's end (Excess crude account has more than doubled to $9.3billion this year).
* All these and others indices, making the top rating Agencies in the world to raise the Credit rating of the economy twice in less than 2 years; and JPMorgan adding Nigeria in its Debt Index, just as Barclays waits to do same in March, 2013 (raising Investors confidence in the economy).

All these in spite of the considerable challenges to the economy (including worsening Security and the still average infrastructure-though this is somewhat improv[b]ing[/b] now); in fact, Nigeria should be growing at Double digit and attracting up to $21billion FDI each year according to Young and Ernt (esp if Power is stabilized, the investment condition is improved and security improves).

Finally, even though almost every economy indices is improving (regardless as what some of the cynics say), Employment rate may only be very slightly improved (if at all) cos OF THE STRUCTURE OF THE NIGERIAN ECONOMY THAT PROMOTES CONSUMPTION INSTEAD OF PRODUCTION. Except some of the Deep reforms been pursued currently (some of them meeting significant challenges from those that gain from the present unproductive environment AND from a significant weary public who cos of trust issues seem not know what they want), we may continue to have an economy that does not properly serve the majority of its people.

k2039: Ofcourse, I doubt that the minister is right. Nigeria cannot be the africa's top investment destination with thw incessant attacks by boko haram and kidnappings going on in the south east

Nigeria emerged Africa’s biggest destination for Foreign Direct Investment in 2011 with $8.92bn, according to the 2012 World Investment Report by the United Nations Conference on Trade and Development.

The report, which was released in Geneva last week, noted that FDI inflows to sub-Saharan Africa soared from $29.5bn in 2010 to $36.9bn in 2011.

This level, it said, was comparable to the peak of $37.3bn achieved in 2008, prior to the onset of the global financial crisis.

According to the report, Nigeria received $8.92bn in FDI, placing it as first in Africa. South Africa was ranked next with $5.81bn during the period under review.

The report stated that Ghana received $3.22bn; Congo, $2.93bn; and Algeria, $2.57bn worth of FDI.

The countries were ranked as the top five African FDI destinations by the UNCTAD, which said that the other countries, aside South Africa, topped the chart because they were oil and gas producing nations.

The report stated that another significant African oil producer, Angola, also received major investment inflows, “but divestment and repatriated profits by transnational corporations rendered net inflows negative.”

UNCTAD said the continuous rise in commodity prices and a relatively positive economic outlook for sub-Saharan Africa were among the factors that contributed to the turnaround in the FDI inflow as found out by the annual survey.

It, however, said that for Africa as a whole, total FDI inflows declined.

This, it said, was due to a drop in FDI to North Africa, with inflows to traditional strong performers, Egypt and Libya, coming to a halt as result of protracted political and social instability in those countries.

UNCTAD said overall, the continent’s FDI prospects for 2012 were promising “as strong economic growth, ongoing economic reforms and high commodity prices have improved investor perceptions of the continent.

“UNCTAD’s figures show that South Africa’s FDI inflows for 2011 accounted for 13.6 per cent of Africa’s total, while amounting to 31.8 per cent of the country’s Gross Domestic Product in 2011; up from 9.9 per cent in 1995.”

However, the report suggested that in line with each country’s development strategy, investment policies were required to establish open, stable and predictable entry conditions for investment; it also recommended regular reviews to ensure effectiveness and relevance.


http://www.punchng.com/business/business-economy/nigeria-leads-africa-with-8-92bn-fdi-report/

AMCON on d roll, lol....Good to know that sm govt agencies work

nameo: Oya, people should start posting PICS na. I really like to know if the 'massive' rehabilitation of roads is still going on esp on important roads like Benin/Ore, PH/Enugu, Onitsha/Enugu, Lagos/Ibadan, Abuja/Lokoja, Kano/Maiduguri, EastWest etc. They said each of these roads have different contractors working simultaneously. Na true? We need to know who is lying. PICS

I run Benin to Asaba and at times to Onitsha, and d roads are good. They hv bn good though even b4 GEJ came into office, so are not part of d roads bn rehabilitatd

Hahaha....false story from a 'source' again

seanet02: Thank you my brother. You must have been living under the rock. Is there any sane person who will support untold hardship on an citizen because of the failure of her and others in power?

Is it the fault of average Nigerians that none of our four refineries is functioning at 50% capacity despite the fact that OKONJO IWEALA was the one paying out billions of naira meant for the Turn Around Maintenance of this refineries year in year out?
Don't make me vex.

sharrap dem empty head. Who told u Okonjo has bn releasing monies for Turn Around Maintenance every yr or at any time (except perhaps during her 1st stint). If u know just a little of what u re talking u wud know dat TAM does nt happen annually and has nt even happend in d last 3yrs...these are d sort of lies dat give devilish minds like yrs justificatn for thinking terrible tins (thinking cos cowards cant do anytin)

Metalgoong: After reading how majority of Nigerians on this thread endorsed the kidnapping of an innocent 82 yr old woman, I have no other thing to write but that an average Nigerian is as heartless and vicious like the so called leaders they criticize. After all, their leaders were once an average heartless citizens like them.

There is no hope for Nigeria! #fact# SMH!

Stop saying 'Majority of Nigerians' my frnd... D peeps saying all these are d few completely HOPELESS Kids we hv in nairaland. Are u knew in NL?...dont count d animalistic comments, count d ppl mking them and check dier post history.

abifoluwa: may not have what? she has stolen. point blank. she is no saint. they are no saint. they must suffer.

'They' are not d cause of yr miserable life...even if there were no rich ppl in Nigeria, u wud still not amount to more than u are now if u do not start tking sm personal responsibility. The Failure is mostly yrs dude...

Some people are saying that Okonjo-Iweala is a thief? Okonjo- Iweala of all persons; someon ewho any body in Abuja would tell you is the main reason why money is no longer 'flowing' at Abuja...

I agree on one point sha: something has to be done fast about the level of joblessness in this country; it is extremely urgent. It reduces an ordinarily normal human being to a frustrated, bitter 'thing' ready to blame any person for their situation.

seanet02: I disagree with you.
Corruption is a murderous crime. Some people will lose their live if money meant for Hospitals is looted right? So we can fight back anyhow we feel like. This is the right way.
The day this heartless woman lost my respect was the day she said "It is not in the interest of Nigeria to have functional refineries" the woman is a sadist.

When did she say this? *i laugh*

saintneo: What has NOI done to deserve the kidnapping of her mother? What has she done, that most Nairalanders are very happy to support the kidnappers, even suggesting ransom size?

Nigeria is filled with people of mediocre minds.

Plz dont say 'most Nairalanders'. They are the few Jobless FOOOLS we have on NL; the usual suspects who cos of joblessness somehow saw the news 1st and spur their frustrations of their miserable lives (like they usual do) on the 1st two pages before more reasonable people came on-board.

NL is all sorts of things, but it is not usually this bad...

A group of miserable never-do-wells rejoicing over sm oda criminals kidnapping the SUCCESSFUL Mother (85 yr old Professor) of an extremely SUCCESSFUL younger woman, under the guise of sm fanthom 'progressivism'...... what a way to BE successful *smh*

The most critical thing that can hv d most immediate positive effect on d fight against corruptn is if d CJN fulfils her promise to appoint Special Judges for Corruptn Cases, which wud ensure that well prosecutd cases concludes in a yr; then followd by judicial reforms... I hv bn 'shouting' myself out on dis for d longest time here. And to know that its one of d easiest thing to get done if even small substaind pressure is put on d CJN...

[quote author=De_ Law]See what joblessness is causing.[/quote]Bwahahaha....

[quote author=baby-boy]How many carriages the train would use that it would be used to ferry food products from north to south, the last time I checked its not a cargo train but a passenger train[/quote]plz u guys shld know what you are saying b4 actuali saying dem in public....

Kitomania: @ Born2f**k and Lobotinti
Why do u hate Hausa people we are humans like u .... every person has weakness if one or two had done some bad things why condemn us all... Remember this some of us School togather, aluta together, serviced together, club together and sometimes eat together.... all those u no talk na now u dey abuse us like say we fall from de sky.... what of d Aboki u dey call us "Are we not Friends again Guys ?"

Me 'like' and ENDORSE

But d way wey Nigerians take dey bliv any tori wey any pesin post for net di kwa egu....

take dat: Bros, you are right n perfectly agree with you but I am trying to explain how it affects our economy in net inflows interns of GDP and balance of payment. The FDI is about equity capital for "new" investment for that year, reinvestment of earnings etc but can you tell me the sectors where the so called $8.92billion is/was invested in 2010/2011

I do not hv d breakdown in terms of percentages; am actuali looking for that info myself. But investments in Oil and Gas takes the lionshare; others shld include Consumer goods, real estate, services, agric, industries, capital portfolio flows etc

Slow and steady.. as they said

The future wud be very exciting and 'strange'....

take dat: As at 2010, the FDI grew to $6.1billion and in 2011 increased to $8.92billion. The inflows or growth for the one year is $2.82billion, this is commendable considering the level of insecurity and other factors. FDI to SA rebounded from $1.23billion in 2010 to $5.81billion in 2011m

I get what u are trying to say now, but beg to disagree. By dis yr reasoning, it means that Foreign direct investment in Nigeria as at 2010 is WORTH (valued at) $6.1bn which increasd in value to $8.9bn last yr? Do u know d value of Mtn, airtel and etisalat investments in nigeria alone, talkless of those in Oil and Gas, real estates, customer services, agric, industries and even portfolio flows?...plz i might need a source for dis claim of yrs. Thnx

take dat: Hi, Nigeria's FDI inflows for 2011 was $2.82billion and SA made $4.58billion for the same year. Note that our FDI "grew" to $8.9billion in 2011 and not the inflow for that year. SA made considerable FDI inflow than Nigeria in 2011.

can you explain furda? Dont get u..is Foreign direct investments not inflows to d economy?

3.3bn since 2010; 20 foreign trips in 2012. So?..... In oda news, Nigeria attractd $8.9billion in Foreign Direct Investment (FDI) in 2011 alone according to UNCTAD, by far d largest in d history of d nation and i think (sic?) d 1st time it significantly dwarfd those of SA... If foreign travels by presidents is meant to attract FDIs, amongst oda tins, Good job Mr. President