Home Business TCN board stalls $258 million power projects

TCN board stalls $258 million power projects

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The absence of board for Transmission Company of Nigeria (TCN) has stalled the approval of $258million JICA loan for the implementation of the payment for material and equipment for the Apapa and Akamgba substation in Lagos.

It was learnt that the Federal Ministry of Power has urged the new Minister of Power, Engr. Mamman Sale, and the Minister of State, Goddy Jedy Agba, to expedite action on the reconstitution of the board of the company to jump-start the projects that are pending board approval.

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It was also gathered that the compensation for the Resettlement of Persons on the Right of Way (RoW) is also awaiting the blessing of the same board.

According to a source, who sought anonymity, “Presently we are waiting for approval to pay for Resettlement of Affected Persons in a area where the substation will be built. We have written to the BPP (Bureau of Public Procurement) for the compensation for Akamgba and Lagos state zone. This is cosing the ministry $258million. It is a loan from JICA.

“The Ministry is waiting for another no objection to pay for materials and equipment for the Apapa and Akamgba substations which we are trying to upgrade so that it will accommodate the increased demand in Apapa area.

“The department, in doing this, coordinates the affairs and operation of the TCN in ensuring that they operate within the policy approved for them. The only difficulty we are having now is that there is no board for the TCN. The minister should push for the approval of a board for TCN. We are seeking that the new minister seeks for the reconstitution of the board of the TCN.”

The ministry, according to the source, has also informed the minister to prevail on President Muhammadu Buhari to approve the transaction of the N39billion loan to a company-Zinglasy with Kaduna Electricity Distribution Company.

It was learnt that the Ministry has already presented a memo on the transaction to Buhari.

“One of the issues we had in the Ministry prior privatisation was a litigation of one of the companies that was to provide meters to the then PHCN. This administration in 2015 when it came in, were able to resolve that judgement against government to a compromise against government.

“As a result of that resolution, we now have a N39billion loan to a company – Messer Ziglasy. The implementation of that judgement has commenced with Messer Zinglasy signing an agreement with Kaduna Electricity Distribution Company, and the ministry sent a memo to Mr. President to approve that transaction. That memo is still awaiting Mr. President’s approval. It might be one of the things the minister should take up.”

Besides, it was also learnt that the Ministry and board of Yola Electricity Distribution Company were working with the Nigerian Electricity Regulatory Commission (NERC) to sign another agreement for another privatization of the Yola Electricity Distribution Company.

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SOURCE: The Nation

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