We spent N5 billion in five months to fix vandalised electricity infrastructure – TCN
The Executive Director of Transmission Service Provider (TSP) at the Transmission Company of Nigeria (TCN), Engr. Oluwagbenga Emmanuel Ajiboye has disclosed that the corporation in the previous five months, spent more than N5 billion on equipment replacement or maintenance of destroyed electrical transmission facilities throughout the nation.
He stated this during a two-day meeting with all General Managers in TSP, urging relevant stakeholders and security agencies to step up their efforts to protect electricity assets nationwide.
Engineer Ajiboye regretted that funds intended for other developmental projects had to be diverted to deal with vandalised equipment. He assured that the management is making every effort to resolve the problem, including a recent meeting with Nuhu Ribadu, the National Security Adviser, to enlist his assistance and intervention.
Ajiboye clarified that the purpose of the meeting was to discuss strategies and potential ways for General Managers to improve TCN’s performance, avert potential losses, and ensure the company’s sustainability in the context of the deregulated electricity market.
To maintain TCN’s sustained sustainability and success, he stressed that regular meetings are essential for reassessing performance, especially in response to evolving market dynamics, given the company’s reliance on internally generated revenue with a limited allocation from the federal government.
He said, “As the team that sets the tone for this organization, our goal is excellence. We must regularly convene to evaluate our performance and strategize. With a deregulated market, we’re essentially in a competitive business environment, and to remain viable, we need to think innovatively and stay afloat.”
He urged the General Managers to act immediately to resolve the matter and stop the losses, pointing out that TCN is suffering huge financial losses due to market infringements.
Speaking as well, Mr. Chukwuka Ochijie, Executive Director of Finance and Accounts, urged attendees to move past the problems and instead provide workable answers that can advance the business. This led to a fruitful and solution-focused conversation.
