11 November 2016, Sweetcrude, Lagos — The electricity market debt for Transmission Company of Nigeria, TCN stands at N17 billion in the last three years.
This was revealed by TCN’s Managing Director, Dr Abubakar Atiku, who on Thursday raised the alarm over an unsettled indebtedness to the company by electricity market.
Atiku who was represented by Mr. Sonny Iroche, Executive Director, Finance and Accounts, TCN disclosed this at an official function tagged “Change Management Sensitisation Tour” in Lagos.
According to him, the company is been owe over N 17 billion for a period of three years under the Federal Government N213-billion facility fund to help offset the legacy debts to address the revenue shortfall in the power sector.
The TCN boss said that some distribution and generation companies had received the fund from CBN but the company had not, which posed a serious challenge to its operations.
He said that 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 is expected to affect changes in the company’s processes, work culture and attitudes that would enable workers to achieve peak performance which will invariably impact on the achievement of the company organizational goals and objectives.
He said 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 a 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 Discos refused to take the energy due to inefficient capacity.
It is wrong for any Discos to rejects energy given to them because rejecting energy would not make them reduce their technical losses as metering of customers remains the best option for them to recoup their investment adequately. It is the only way to access consumption.