Thousands of workers of the Power Holding Company of Nigeria, PHCN, may lose their jobs as the Federal Government has ordered the retrenchment of no fewer than 20,000 ahead of takeover by successful bidders of its assets.
Bureau for Public Enterprises, BPE, issued the directive to the Chief Executive Officers, CEOs, of the 18 successor companies to PHCN at a meeting in Abuja, to compile names and drastically reduce the 50,000 strong workforce before the new investors take over, Vanguard reports, adding that the new investors demanded that the workforce must be pruned before government hands off.
