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, attributed the takeover of Abuja Disco by United Bank for Africa [UBA] to inability of the distribution company to access intervention funds and called on the federal government to wade in as it has 40 per cent shares in the electricity sector.
He tied the incapacity 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 LEADERSHIP, called on federal government to wade in as it has 40 per cent shares in the electricity sector, by cancelling the power sector privatisation.
According to Uzoegwu, Nigeria was, and is, 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 resisted it at the time. Before the privatisation, we called on the federal government to throw the door open for private hands to set up their electricity generation alongside the existing one.
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"But rather, the 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 pay back such loan.
"Eight years later, the infrastructure deficit is still there; the investors were not known by Nigerians, did not have technical expertise; network infrastructure has not improved since then; they are still on 4000 megawatt generation they met on ground. They forced their way despite our union's warning. What we want now is for the federal government to cancel the privatisation as the investors could not bring any improvement after eight years," he said.
Reacting to the question of job security for those at Abuja DisCo, Uzoegwu said: "As it is now, we hope workers' jobs will not be affected as banks who had no experience in electricity have taken over. Since the bank may not have the technicality, Abuja and other Discos that used companies as collateral for loans may run out of business."
LEADERSHIP recalls that UBA management took over Abuja DisCo following its inability to pay the $122m loan it took from UBA.
