F.G lease out contract for the transmission company of Nigeria(TCN)

The Federal Government has leased out a management contract for the transmission company of Nigeria(TCN) to a canadian based consultant for a period of three years.

The National council on privatisation(NCP) disclosed this,today,in Abuja,at the financial bid opening of the transmission company of Nigeria(TCN).

According to the minister of power,Barth Nnaji the rationale for the leasing is to address the long term challenge of erratic power supply militating against the sector in nigeria.

The minister,while urging the consultium to transform the sector within three years,called for a downward review of the initial bid of twenty four million US dollars put forward by the company to manage the sector.

Chairman senate committee on power,senator Gbenga Obadara and his House of Rep counterpart, Patrick Ikhadiare, explained that if the process is well managed,nigeria will soon experience efficient power supply.

They further added that with stable power supply,the process for the transformation of the nation’s economy will be smooth.

Earlier,the Director-General, Bureau of Public Enterprises (BPE), Bolanle Onagoruwa,said  the bidding will ensure the repositioning and transformation of TCN in line with the federal government’s objectives in the reform of the power sector.

She however,re-assured the canadian investors of NCP’s commitment to ensure that the transaction is accomplished through internationally accepted standards.


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