TCN Wants Release Of Its N17bn Electricity Facility Fund

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The Transmission Company of Nigeria (TCN) has called for the immediate release of the N17 billion Electricity Facility Fund granted it three years ago by the Federal Government.
The Managing Director of TCN, Dr Abubakar Atiku stated this during the company’s “Change Management Sensitisation Tour” on Thursday in Lagos.
Atiku, who was represented by the Executive Director, Finance and Account of TCN, Sonny Iroche, explained that the money was TCN’s share of the N213 billion Electricity Facility Fund granted the power sector.
According to him, the fund is to help offset the legacy debts and address the revenue shortfall in the power sector.
He said some distribution and generation companies had received their allocations from the Central Bank of Nigeria, (CBN) stressing that the non-release of the fund was hindering the operations of TCN.
He said over N45 billion of TCN money for power transmitted was still trapped at CBN because Kaduna and Abuja Electricity Distribution Companies refused to complete necessary paperwork.
The MD said that the change management initiative was expected to affect the company’s processes, work culture and attitudes to achieve peak performance.
He said, “This will invariably impact on the achievement of the company’s goals and objectives.”
The TCN boss said that the initiative would be launched across the entire organisation in order to change the mindset of workers towards work and behavioural attitude.
In his words: “One of the imperatives of the initiative is the need for change in the business processes and procedures as well as behavioural changes to enable adaption to the fast-changing business environment.
He added: “Repositioning TCN would allow it achieve a strategic vision, compete efficiently and thrive in today’s changing landscape in the power sector.”
Atiku said that the company had consistently wheeled out adequate energy to distribution companies, some of which lacked the capacity to receive the energy transmitted to them.
He said: “Metering of customers remains the best option for distribution companies to recoup their investment adequately because it is the only way to access consumption.
“We have invested a lot of money to improve our technology and capacity but tariff was based on power wheeled out.”

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