The resignation is reportedly connected to the revelations first premiered by Business Day which linked the former cabinet member to an underground bid for Afam Power Station.
Nnaji revealed to the National Council on Privatiation last Friday that his company, Geometrics, was a shareholder in a company that bid for the Afam Power Station.
Afam Power Station has an installed capacity of 775 Megawatts which is 18% of the country's current total power generation.
The revelation came as a surprise, although many Nigerians werealready aware that the privatiation of PHCN was simply an unbundling of the country's power assets to the cabal.
However the undoing of Mr. Nnaji may have come about as a result of the dispute between himself as minister and PHCN employees.
The PHCN employees were embittered by Nnaji's refusal to pay them adequate terminal benefits running into hundreds of billionsof Naira. The conflict-of-interest being he would not want an assethe was planning to acquire to be hugely indebted to the soon-to-be disengaged PHCN staff.
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