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Update on the Privatization of PHCN Ibrahim Baba Gana Ag Director ( Electric Power)

Update on the Privatization of PHCN Ibrahim Baba Gana Ag Director ( Electric Power). November 2011. Overview. Purpose of this presentation Provide a transaction update Strategy to address the labour Issues of PHCN. Transaction Timeline. Transaction Update.

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Update on the Privatization of PHCN Ibrahim Baba Gana Ag Director ( Electric Power)

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  1. Update on the Privatization of PHCN Ibrahim Baba Gana Ag Director ( Electric Power) November 2011

  2. Overview Purpose of this presentation • Provide a transaction update • Strategy to address the labour Issues of PHCN

  3. Transaction Timeline

  4. Transaction Update

  5. Virtual Data Physical Data Room In the Virtual Data Room: • There are now 427 individual users that have been invited • There has been a total of 38951 unique views of documents in the VRD • Documentation is still being uploaded to the VDR from what has been received in the field

  6. Physical Data Room & Site Visits • The Physical Data Room commenced on October 24 2011 • The site visits commenced on November 14, 2011 • Despite the attempt by labor to interrupt process the site visits continued with zeal and vigor. • We thank investors for their understanding and patience during both activities.

  7. labour Issues of PHCN • To date, BPE and the FGN labor negotiating team have completed the following steps in resolving all power sector labor issues as presented during the first negotiating session in May, 2011 • Resolution of all outstanding monetization issues through PHCN management; • Regularization of all Casual Workers hired before December 31, 2009 and subject to biometric verification; • Implementation of a 50% salary increase for all Employees effective June 1; • Organized and hosted a power privatization workshop in September to solicit union input regarding the future of the Nigerian power sector; • Engaged Alexander Forbes to complete an actuarial valuation of the NEPA/PHCN Superannuation Fund as of June 30, 2004; • Engaged Creative HR to conduct human resources study on PHCN ( Biometric, Payroll and Rightsizing)

  8. labour Issues of PHCN • The successor companies shall be handed over to investors without labor issues or liabilities • All PHCN workers that are left after the rationalization are rehired by the successor companies for a guaranteed minimum period of 6 months. • FGN has set aside 2% of the shares to be allocated to the Workers • The third and final round of negotiations with the workers of PHCN starts on November 30, 2011

  9. Thank you

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