Tag: Transmission Company of Nigeria (TCN)

DisCos Fret As Banks Perfect Assets’ Takeover Over N860bn Debt

Abibat Babalola

UBA, Polaris takeover of AEDC, IBEDC becomes popular template for discourse at lenders’ Boardroom Commercial banks in Nigeria are now perfecting plans to takeover electricity distribution companies in the country as N860 billion debts burden weigh down on lenders. Platforms Africa reports that the banks provided funds to the 11 electricity distribution companies for the acquisition of majority shares in government’s power utilities during the November 1, 2013 privatisation exercise. The owners of the 11 discos, according to the Bureau of Public Enterprises (BPE), had paid the Nigerian Government $1.26billion…

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Power generation Sheds 735.30 MW, drops 19% to 3,089.30 MW on Easter Holiday

Abibat Babalola

The power generation in Nigeria dropped by 735.30 Megawatts (NW) being a 19.23 per cent to 3,089.30 MW on Monday, worsening supply insufficiency across the country during the Easter holiday. Data from the Independent System Operator (ISO) portal, a semi-autonomous unit at the Transmission Company of Nigeria (TCN), showed that the drop is against the peak generation of 3,829.7MW recorded on Sunday. A document of the power ministry sighted by Platforms Africa, showed that inefficiency as well as lack of capacity is seen as parts of the causes of incessant…

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UNCOVERED: TCN’s Budget Non-Transparent on Personnel, Overhead, recurrent Spending

Ayobami Adedinni

Nigerian Power transmission firm budgets zero naira for staff salary, keeps mum to enquiry on holes in its N105bn budget   The Transmission Company of Nigeria (TCN) has budgeted Zero Naira for Personnel, Overhead and Recurrent Expenditure in its 2022 appropriations, Platforms Africa has uncovered, showing lack of trasparency in the N105 billion 2022 budget of the firm. Platforms Africa, which uncovered this, reported that the company was also not transparent on spending for its Personnel, Overhead and Recurrent Expenditure in the N5.3billion budget of 2021. It recorded zero naira…

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B’Haram: Nigeria Suffers N1.7bn Power Assets Vandalism in 9 mths  —Minister

Dawood Rabiu

Nigeria has suffered the loss of N1.7 billion revenues from January to September, 2021,  due to power loss buoyed by power infrastructure vandalism by the Boko Haram sect in Maiduguri, Northeast Nigeria. Platforms Africa reports that the country’s Minister of Power, Abubakar Aliyu, who declared this at a Town Hall Meeting in Maiduguri, organised to address vandalism of power and telecommunications infrastructure, maintained that the loss was suffered through the Transmission Company of Nigeria (TCN). The event organised by the Ministry of Information and Culture, was attended by Borno Governor,…

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