Dares companies to publish owners before demanding for rescue
Says N400bn sale to N6trn demand, a conspiracy, robbery
By Victor Ahiuma-Young
The Nigeria Labour Congress, NLC, has launched a blistering attack on power generation companies, GENCOs, over the reported N6 trillion demand and proposed N3 trillion federal bailout, describing the move as a “heist” and an attempt to loot public funds.
The labour centre accused the power firms of attempting to transfer the burden of their operational failures to Nigerians, insisting that electricity consumers and taxpayers must not be made to pay for what it called the “collapse of a flawed privatization model.”
In a statement reacting to a recent press release by the Association of Power Generation Companies, APGC, the NLC rejected allegations that it lacked the competence to speak on power sector matters, maintaining that its members work within the industry and understand its dynamics.
The statement personally signed by NLC President, Joe Ajaero, titled
THE CLANDESTINE N6 TRILLION NAIRA DEMAND IS A HEIST, reads “Our attention has been drawn to a press release issued by the Association of Power Generation Companies, APGC, on February 17, 2026. In that statement, the APGC accused the Nigeria Labour Congress (NLC) of lacking the competence to understand the power sector and attempted to justify what we consider a brazen attempt to extract unjustifiable public funds.
“We categorically reject their self-serving narrative and misleading characterization of our position.
“First, the NLC stands firmly by every word of its earlier statement. The privatization of the power sector was, and remains, a grand deception that has shortchanged the Nigerian people. The APGC’s claims of “victimization” cannot conceal the persistent failure that has defined the sector since privatization.
“The core issue is simple and troubling. The entire power sector assets were reportedly sold for approximately N400 billion. Yet today, GENCOs are demanding N6 trillion, while the Federal Government is said to be considering a N3 trillion bailout for companies that have not demonstrably increased generation capacity beyond pre-privatization levels.
“This contradiction raises fundamental questions. How can assets purchased for N400 billion become the basis for a bailout running into trillions of naira? It is neither sound economics nor responsible governance to socialize losses while privatizing profits. Public funds belonging to workers, pensioners, and ordinary Nigerians must not be diverted to rescue private investors from the consequences of their own operational shortcomings. We challenge the APGC to address this contradiction transparently.
“The NLC is not a bystander in the power sector. Our members work in generation plants across the country. Our affiliate, the National Union of Electricity Employees (NUEE), operates daily within the system. The NLC played a leading role in the national debate around privatization and consistently warned that, without proper safeguards and capacity, the exercise would fail. Those warnings appear increasingly justified.
“Regarding our reference to “settling the boys,” our position remains clear: public funds must not be used to enrich a select few under the guise of policy intervention. Nigerians deserve transparency and accountability, not opaque financial arrangements.
“In the interest of openness, we call on the APGC to publish a comprehensive list of the beneficial owners of all GENCOs and associated power assets. Nigerians have a right to know who stands to benefit from this N6 trillion demand.
“We also pose the following questions: Since assuming control of these assets, what is the highest megawatt (MW) output generated and delivered to the national grid?Has average generation not largely stagnated between 4,000 and 5,000 MW, comparable to pre-privatization levels? Which core objectives of privatization—improved generation, transmission, and distribution—have been demonstrably achieved?
“The promise of privatization included technical expertise, foreign direct investment, improved efficiency, and expanded generation capacity. Nigerians were assured of stable electricity. Instead, the country continues to grapple with unreliable supply, rising tariffs, and mounting sectoral debt.
“Tariffs have reportedly increased significantly since privatization, yet service delivery has not improved proportionately. It is difficult to justify further public financial intervention under these circumstances.
“We are equally concerned about reported violations of labor rights, including unpaid check-off dues and unresolved obligations related to workers’ equity allocations under the Privatization Act. These issues must be addressed transparently and in accordance with the law.
“Furthermore, we ask: what dividends have been paid over the past decade to the Federal Government, which reportedly retains approximately 40% equity in these companies? These are legitimate public-interest questions.
“The suggestion that the government should absorb sectoral costs in a fully privatized regime contradicts the foundational premise of privatization—that the market would bear operational and investment risks. Consumers have already borne substantial tariff increases. Demanding trillions more from the public purse raises serious concerns.
“Reports that even the Presidency is considering independent power arrangements underscore the depth of the sector’s dysfunction. If the highest office in the land cannot rely on the national grid, this signals systemic failure that must be honestly confronted.
“The NLC maintains that electricity is a critical social service with profound developmental implications. Any reform model must prioritize public interest, affordability, transparency, and national development over speculative profit.
“We therefore reject the proposed N6 trillion demand and any bailout arrangement that lacks full public scrutiny, accountability, and demonstrated value to the Nigerian people. Nigerians cannot and should not continue to pay for darkness.”
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