Kunle Kalejaye 17 November 2016, Sweetcrude, Lagos – The Transmission Company of Nigeria, TCN, is being owed over N17 billion by the Federal Government being the cost of power transmission which the government ought to have paid to the company in the last three years.
TCN’s Managing Director, Dr Abubakar Atiku, stated this recently referring to it as “unsettled debt to the company by the electricity market”.
Atiku, who spoke through Mr Sonny Iroche, Executive Director, Finance and Accounts at TCN at an official function tagged “Change Management Sensitisation Tour” in Lagos, said the company was being owed over N17 billion over a three-year period under the Federal Government’s N213-billion facility to help offset the legacy debts to address the revenue shortfall in the power sector.
The TCN boss said that some power distribution and generation companies had received the fund from the Central Bank of Nigeria, CBN, but TCN had not, a development, he said, posed serious challenge to its operations.
He said the company also have over N45 billion pending at the CBN on energy wheeled to some of the distribution companies as Kaduna and Abuja Discos refused to sign the required documents.
Iroche said that the “Change management initiative” was expected to effect changes in the company’s processes, work culture and attitudes that would enable workers achieve optimal performance, which will invariably impact on achievement of the organisational goals and objectives.
He stated that the management has also taken the change initiative to the entire TCN region and the corporate headquarters to change the mind set of workers towards work and behavioural attitude.
“One of the imperatives of the reform is the need for change in the business processes and procedures as well as behavioural changes to enable adoption to the fast changing business environment following the privatisation of the industry as generation and distribution companies are now being managed by private sector players with new technologies and processes.
“Repositioning TCN would allow it achieve strategic vision, compete efficiently and thrive in today’s changing landscape in the power sector,’’ he said.
Iroche added that TCN constantly wheels out adequate energy to distribution companies, noting that some distribution companies refused to take the energy due to inefficient capacity.