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TCN To Float $200m Funding Scheme

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8 years ago

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The Transmission Company of Nigeria (TCN) says it has received approval from the Federal Government to begin a pilot funding scheme of 200 million dollars for the refurbishing of its existing lines and substations .
The Managing Director of TCN Alhaji Atiku Abubakar, announced this at a news conference in Abuja last week.
The Tide recalled that the nation’s electricity value chains is facing several challenges ranging from generation, transmission and distribution problems.
Some of the reasons attributed for the transmission hiccups are the inability of TCN to completely overhaul its equipment due to non availability of funds.
To this end, Abubakar said that the approved funding scheme was designed to complement Federal Government’s funding of the 127 transmission projects in the country.
He said the scheme would be advertised for interested investors to invest in the exercise designed to reinforce and refurbish TCN’s existing electricity transmission lines.
The managing director assured that the investors would get good return on their investments from the wheeling revenue from the electricity market.
According to him, the exercise is expected to commence when the cash flow of TCN increases from its current 30 per cent to 60 per cent.
He said the increase in the company’s cash flow would guarantee repayment to investors over the period of time to be agreed upon.
Atiku said that TCN was also accessing some concessionary multi-lateral loans and grants from trans- national organizations like the World Bank, Euro Bond, African Development Bank, Japan International Corporation Agency.
He said the loans had contributed to the completion of its projects in 2016 and would also assist in the completion of the targeted projects in 2017.
Atiku said that the new management was working tirelessly to complete the outstanding critical projects funded in the 2016 budget.
According to him, the projects for completion in 2017 include, rehabilitation of Afam 1x150MVA, 330.132.33KV  transformer and construction of Afam IV to Afam transmission line at 95 per cent completion.
Others are Katsina –Daura 132kv line and 2x60MVA substation at Daura which is 90 per cent completed, Kafachan 2x60MVA substation project, that is presently 92 per cent completed.
Osogbo-Ede 132kv DC transmission line at 95 per cent completed, Kaduna –Jos 330kv DC transmission line at 75 per cent completion.
According to him, other critical projects to be completed in 2017 are Benin North-Osogbo 330KV DC transmission line at 48 per cent completion stage.
Others are Eruka-Omotosho 330 DC transmission line  24 per cent completed, 1x150MVA, 330/132KV and 60MVA, 132/33KV substation at Damaturu 92 per cent completed.
Also 40 MVA mobile sunstation at Damboa in Borno State, that is 45 per cent completed and 40MVA mobile substation at Mayo Belwa in Adamawa state that is 90 per cent completed.
The TCN MD said that the completion of the outstanding critical projects would increase the wheeling capacity of TCN from 6, 500MW to 7, 200 MW by the end of 2017.

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NPA Assures On Staff Welfare 

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5 days ago

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June 27, 2025

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The Managing Director, Nigerian Ports Authority (NPA), Dr. Abubakar Dantsoho, has said the management will continue to accompany its port infrastructure  and equipment  modernization drive  with the development of the welfare of its personnel.
Dantsoho made the disclosure recently while responding to the commendation by the Maritime Workers Union (MWUN) and the senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASGOC) on the  clearing  of the age-long problem of employee stagnation, when the union paid him a courtesy visit at the Authority’s headquarters in Lagos.
A Statement by NPA’s General Manager Corporate & Strategic Communications, Mr. Ikechukwu Onyemekara, quoted Dantsoho as saying,  “our Port infrastructure and equipment modernization drive will go hand-in-hand with continuous staff welfare improvement”.
The NPA MD disclosed that human capital development constitutes the key strategy for creating and sustaining superior performance under his watch, adding that “talent development constitutes a critical success factor for the actualization of the big hairy audacious goals we have set for ourselves especially in the area of Port competitiveness.
“The only way we can meet and indeed exceed stakeholders’ expectations is to deepen the competencies of our human resources assets and boosting their morale.”
Speaking further, Dantsoho commended the Honourable Minister of Marine & Blue Economy, Adegboyega Oyetola, for approving the strategic proposal of the Dantsoho-led Management team that solved the over a decade-long problem of lack of promotion that had fuelled industrial disharmony.
“I must specially appreciate our amiable Minister for graciously approving the multi-pronged stratagem we deployed that cleared all outstanding cases of employee stagnation by conducting examinations in one fell swoop and instituted timelines to forestall a recurrence of such anomaly”, he sad.
Speaking on behalf of the joint maritime labour unions, the President  of Senior Staff Association of Statutory Corporations & Government-Owned Companies (SSASCGOC), Comrade Bodunde stated, “In addition to clearance of the backlog of stagnated promotions, we also wish to express our appreciation for the increase in productivity bonuses, provision of end-of-year welfare packages for staff, and the revision of the Financial Guide to the Condition of Service, which now addresses our members’ concerns about inflationary pressures.”
Nkpemenyie Mcdominic, Lagos
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ANLCA Chieftain Emerges FELCBA’s VP

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5 days ago

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June 27, 2025

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National Secretary of the Association of Nigerian Licensed Customs Agents (ANLCA), Elder Olumide Fakanlu, has been elected Vice President of the Federation of ECOWAS Licensed Customs Brokers Association (FELCBA).
The election took place during the FELCBA Congress, held from Tuesday, June 17th to Thursday, June 19th, 2025, in Freetown, Sierra Leone.
Fakanlu’s emergence as Vice President marks a significant achievement for Nigeria within the regional customs brokerage community.
Apart from Fakanlu, Secretary of the Seme Chapter of ANLCA, Austin Nwosu, was also elected, securing the role of Secretary of Relations with Institutions.
The Nigerian delegation played an active role in the congress, with Michael Ebeatu nominated as a member of the electoral officer team, ensuring a fair and transparent election process.
The three-day congress concluded with delegates undertaking a visit to the Sierra Leone Port, offering insights into the host nation’s maritime operations, followed by a recreational trip to the Tokeh Beach.
The newly elected executives are expected to lead FELCBA in its efforts to harmonize customs brokerage practices, promote trade facilitation, and advocate for the interests of licensed customs brokers across the ECOWAS sub-region.
Nkpemenyie Mcdominic, Lagos
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NSC, Police Boost Partnership On Port Enforcement 

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5 days ago

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June 27, 2025

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In a bid to enhance more enforcement in the nation’s Port, the Nigerian Shippers’ Council (NSC) has reaffirmed its commitment to stronger inter-agency collaboration with the Nigeria Police Force (NPF).
The Council said the collaboration is aimed at enhancing stronger enforcement, compliance and improve operational efficiency across Nigeria’s ports.
Executive Secretary/Chief Executive Officer of  NSC, Dr. Pius Akutah, made this known during a visit to the  Inspector-General of Police, Dr. Kayode Adeolu Egbetokun, at the Force Headquarters, Abuja.
The visit, which he said, focused on strengthening institutional synergy, comes in the wake of growing responsibilities for the NSC under the newly created Ministry of Marine and Blue Economy.
Akutah emphasized the critical role of security agencies in supporting port operations and ensuring regulatory compliance.
He called for the posting of police officers to assist the Council’s monitoring and enforcement teams at key port locations including Lagos, Warri, Onne, Port Harcourt, and Calabar.
“The posting will complement the activities of our revived task teams and enhance our ability to enforce standards across the maritime logistics chain”, he said.
Earlier, the Inspector-General of Police, Dr. Egbetokun, assured the Council of the Force’s readiness to continue supporting the growth of the maritime sector.
The IGP acknowledged that compliance enforcement is essential to the successful implementation of Nigeria’s Blue Economy objectives.
“The NSC and NPF are expected to deepen collaboration in the months ahead, with a shared focus on building a secure, efficient, and competitive port environment”, to the IGP emphasized.
Chinedu Wosu
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