Disengaged PHCN Staff Spends N5.5 Million Naira Out Of His N6 Million Severance Package On SUV

A former Power Holding Company of Nigeria (PHCN) staff member has spent N5.5million of his N6million severance pay on the purchase of a Sports Utility Vehicle (SUV), The Nation can reveal.


The ex-PHCN's staff, who is in his late 50s, bought the brand new car a few days after collecting his pay.

"He is a middle-aged man, without a house. He is still struggling and has nothing to show for his over 20 years' service in the state-owned electricity company," his colleagues, who were shocked at his behaviour, said.

"We, his colleagues, were shocked by the development because we expected him to plan with the money, knowing full well that he would not be absorbed by any of the 14 companies that bought the assets of PHCN,' his colleagues said.'


They said it took the intervention of their District Manager and some senior staff to convince the man to sell the car.

At the end of the day, "we succeeded in helping him to resell the jeep for over N5million, and the money was handed over to him and advised him to invest it", the they added.