Reps summon TCN over $33m payment to GenCo

Written by on August 23, 2022

The House of Representatives’ Committee on Finance has dismissed representatives of the Transmission Company of Nigeria over their failure to answer critical questions concerning a take-or-pay agreement with a power Generation Company, Azura Power West Africa Limited, forcing the country to pay the firm $33m monthly whether it supplies power or not.

The committee, at its continued investigative hearing in Abuja on Monday, grilled the Executive Director, Transmission Service Provider, TCN, Victor Adewunmi; Market Operator, TCN, Edmund Eje; Director, Agreements, Benedict Ogbu; and General Manager, Corporate Planning and Strategy.

The lawmaker, however, criticised the computation of figures in the written presentation by the TCN management, insisting that the Managing Director/Chief Executive Officer, Sule Abdulaziz, appeared before the panel to answer queries.

Chairman of the committee, James Faleke, decried that the government, through the Nigerian Bulk Electricity Trading Plc, failed to reach a formal agreement with several power companies but signed a take-or-pay agreement with only Azura.

(PUNCH)


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