TCN: N5bn Spent on Repairs of Vandalised Power Assets in Five Months

Emmanuel Addeh in Abuja

The Transmission Company of Nigeria (TCN) has said that it spent N5 billion in the first five months of 2024 repairing and replacing equipment destroyed by vandals.

The Executive Director, Transmission Service Provider (TSP) in the TCN, Oluwagbenga Ajiboye, therefore condemned the frequent vandalism of electricity transmission facilities across the country.

“He revealed that the company has spent over N5 billion to repair or replace damaged equipment in the last five months,”  excerpts of news from the TCN’s website showed.

The ED who spoke during a two-day meeting with all General Managers in TSP, at the corporate headquarters, urged relevant stakeholders and security agencies to step up their efforts to protect electricity assets across the country.

While regretting that resources earmarked for other developmental projects have been re-directed to address vandalised equipment, he however assured that management is working tirelessly to address the issue.

He said that this included a meeting with the National Security Adviser (NSA), Nuhu Ribadu, to solicit his support and intervention.

Ajiboye explained that the meeting was crucial in the context of the deregulated electricity market, where General Managers, as key stakeholders in TCN, need to come together and explore ways to enhance TCN’s performance.

Also speaking, the Executive Director, Finance and Account, Mr. Chukwuka Ochijie, encouraged participants to shift their focus away from the challenges and instead, offer pragmatic and actionable solutions that can drive the company forward.

He stressed that funding was a significant challenge for the company, and urged participants to focus on finding solutions rather than dwelling on the problems.

 “I encourage you to identify our unfinished projects, analyse the causes of delays, and provide recommendations for prompt action. Although funding has always been a challenge, and it’s even more severe now, management has consistently worked diligently to secure resources and address our most pressing needs,” he said.