TCN recommends Disco for liquidation

FG Releases Primary/Secondary School Calendar for the 2019/2020 Academic Session - Click Here for Details

The Managing Director Transmission Company of Nigeria (TCN), Usman Gur Mohammed has recommended that one of the 11 distribution companies be liquidated.

He told the new Minister of Power, Engr. Mamman Sale and the Minister of State, Goddy Jedy Agba, who were taking their inaugural briefings from the Ministries, Department and Agencies heads in Abuja that the recommendation was due to lack of performance of the DisCo.

The TCN’s boss, who did not mention the name of the power firm, insisted that the TCN has the power under its act to make such recommendation.

Read Also  Flutterwave opens up Africa-China trade market

He said: “Honorable Ministers as we speak with you, we have actually recommended the liquidation of one DisCo for lack of performance.”

According to him: “There is no reason why we cannot change this despicable and miserable narrative.

“This is what Nigeria Nigerians expect from us as we begin this new journey. We must therefore brace up to face this challenge.”

READ ALSO: How we’re eliminating transmission losses, by TCN chief
Managing Director Nigeria Bulk Electricity Trading (NBET) Company, Dr. Marilyn Amobi, noted the company has borne a payment of N181billion to five generation companies for electricity that Nigerians did not use.

According to her, in the context of the N701billion power sector intervention fund, the federal government paid N105billion as five percent to GenCos for unused electricity.

Read Also  Naira expected to remain stable despite depreciation (See Exchange Rates)

The payments, she said, were due to the power purchase agreements that government had with the companies.

Reacting to the comment, the Permanent Secretary, Louis Edozien, told the minister that Nigerians were agitated about the quality of service in the industry.

He submitted: “We created an industry that places a huge continent liability on the government. We have to apply our intellect to this problem to solve it …

“The Minister of State I know that t is an area you are familiar with. Both of you have to lead us out of this quagmire.”

Read Also  Nigeria’s Q1 GDP grows at 2.01% – NBS
Click Here to Join Newsnow Nigeria WhatsApp Group for Breaking News Alerts More News


Do You Know Nigeria? Attempt 10 simple questions on Nigeria for FREE and Win FREE N500 Airtime - Click Here to Participate!

For your news articles, press release, Breaking News, send e-mail to [email protected]

Get the latest BREAKING NEWS inside your e-mail address inbox; fill the form below and click the subscribe button