After 17 years of disengagement from their services, former workers of Savannah Sugar Company Limited (SSCL) would be paid the balance of their terminal benefits. This is considered a good news as the Federal Government said it has concluded the verification exercise of the former workers.
In a statement made available to newsmen, the Pension Transitional Arrangement Directorate (PTAD), stated that at the verification exercise, which took place between Monday, February 4 and Wednesday, February 13, 2019, in Jimeta – Yola, Adamawa State, a total of 1,621 ex-workers and Next of Kins, who presented themselves for the exercise, were successfully verified and their biometrics captured.
Sharon Ikeazor, the Executive Secretary of PTAD, disclosed that the verification was for the payment of the balance of the one-off terminal benefits paid to them by the Bureau of Public Enterprises (BPE), as at the time the company was privatised.
Ikeazor explained that former workers in the diaspora who did not take part in the exercise had been assured that they could be verified at PTAD headquarters, Abuja or PTAD North East Regional office in Yola, Adamawa State.
She said, “The verification of SSCL brings the total number of defunct/privatised agencies verified by PTAD to eight, including Delta Steel Company, DSC, NITEL/Mtel, NICON Insurance Plc, New Nigeria Newspapers, and Nigeria Reinsurance.
“The Directorate has assured that preparations for the verification of all other treasury funded parastatals, including defunct/privatised agencies, has been completed and will commence shortly across the country.”
A glimpse at Savannah’s revolution
In a bid to maintain its dominant position in the Nigerian sugar industry, Dangote Sugar Refinery (DSR), had announced the acquisition of 95 percent equity stake in Savannah Sugar.
The deal, according to a notice filed with the Nigerian Stock Exchange (NSE), was executed through a Share Sale and Purchase Agreement (SSPA), with Dangote Industries Limited (DIL), by acquisition of 2.14 billion ordinary shares of N1.00 each in Savanna Sugar. The acquisition therefore represents 95 percent of the issued share capital of Savanna Sugar.
In 2002, workers of Savannah Sugar were disengaged when the company was fully privatised by the Federal Government.