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TCN Cancels Non-performing Electricity Transmission Contracts



Electricity Pole
  • TCN Cancels Non-performing Electricity Transmission Contracts

The Transmission Company of Nigeria on Wednesday declared that it had cancelled many non-performing electricity transmission contracts.

It also stated that four of such contracts were cancelled in the last two months, adding that this was part of the reasons why some persons decided to stage a protest against the TCN management on Tuesday in Abuja.

The Managing Director, TCN, Usman Mohammed, also told journalists at the headquarters of the firm in Abuja that the recent closure of the company’s premises by the Federal Inland Revenue Service was unnecessary.

He said, “We are not surprised at the claims made by the rented protesters and this is because we have cancelled so many contracts. We have cancelled many and even in the last two months, we have cancelled about four of them. I’ve cancelled those in Damaturu, Wudil, Walalambi, Dambata, Yawuri and many others.”

Asked why he was cancelling the contracts, Mohammed said, “It is because they were not performing. Why should I leave them to continue the contracts? Look, some Nigerians make this place their farm and continue to collect money on every appropriation, which shouldn’t be.”

He further stated that the prices of most of these non-performing contracts were highly inflated, as some of the projects were eventually completed at rates that were about 10 times less than the initial contract sum.

Mohammed added, “Now tell me, how can we have stable power supply with this kind of arrangement? Also, it might interest you to know that most of these contracts that we cancelled, we are going to complete them at the rate of 10 per cent of what the contract prices were.”

On the closure of the company’s office by the FIRS, he said, “The FIRS did an assessment some years ago before I came to the TCN and they came up with a claim that the TCN owed them N30bn. Now, if you look at the N30bn claim, it includes what we call legacy liabilities. But now the government is looking at how to take over these liabilities which were there before the sector was privatised.

“Also, we have constituted a committee to look into this as well. However, one of the problems that we have as regards this amount that they have against the TCN is that they took our projected revenue and reached a conclusion. But this cannot hold in the power sector because what we get as revenue at the TCN is less than 40 per cent of our revenue.”

He added, “So one element is the legacy liability and the second element is this bogus calculation based on what they think is our revenue. Yes, our revenue is there, but can we collect it? The answer is no because power distributors are not remitting. This is issue.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.


Transcorp Hotels Expand into Marketplace, Launches Aura to Connect People, Hoteliers, Others



Transcorp hotel

Transcorp Hotels Plc, on Thursday, announced it has launched a new digital platform, Aura, through which people can book accommodation, restaurants and experiences.

Aura, Transcorp’s first in the alternative accommodation segment, is part of the company’s asset-light model, leveraging technology to deliver true hospitality, exciting experiences, and drive shareholder value.

It’s a new dawn in the hospitality industry! I am thrilled to introduce you to Aura by Transcorp, the digital platform we are using to connect people to quality accommodation, great food, and awesome experiences,” Managing Director and Chief Executive Officer of Transcorp Hotels Plc. Dupe Olusola said.

For more than 30 years, Transcorp Hotels Plc has been at the forefront of creating a superior guest experience at our locations. Today, our commitment to innovation has offered us an opportunity to extend this beyond the hotel premises,” Olusola added.

The launch of Aura by Transcorp is one of the most significant developments in the company’s history as it seeks to transform the travel and tourism industry in Africa by focusing on three important components of travel, whether for leisure or business — where you stay, what you eat and how you spend your time. With its people-driven hospitality model, Aura is set to revolutionise travel and help remind Africans of our deep history of hospitality.

Speaking on the launch of Aura, Obong Idiong, Chief Executive Officer at Africa Prudential Plc, Aura’s technology partners, expressed his excitement. “Finding the right accommodation when you travel can be incredibly complex. Options available for the right prices are often limited, and travellers sometimes end up with accommodation that taints the travel experience. Transcorp Hotels Plc has been able to fix that with Aura and we are proud to be associated with them.”

To ensure topnotch user experience, we built a solution to drive digital transformation through the adoption of shared living spaces for the Aura business. With an advanced search algorithm powered by artificial intelligence, Aura determines the relevance of locations taking into consideration, the customers’ preferences and requirements to meet them at the point of their needs,” Idiong added.

Priscilla Adeboye, a travel enthusiast and early adopter of Aura, said the global pandemic has pushed international travel down her list. “But I still want to be able to take some time off work or spend a weekend away from home with the family. I have found incredible homes on Aura that meet my need for space and privacy.


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Siemens Energy Nigeria Appoints Seun Suleiman as Managing Director




Seun Suleiman is the New Managing Director of Siemens Energy Nigeria

Mr. Seun Suleiman is the new managing director of Siemens Energy Nigeria, the company announced on Wednesday.

According to the statement released by the energy company, Suleiman will be responsible for the entire management of operations and decisions on business policies and corporate strategy.

Commenting on his appointment, Suleiman said, “It is an absolute honor to lead the business for Siemens Energy Nigeria and I look forward to delivering on the brand’s promise of excellence.

Suleiman joined Siemens Energy in 2014, bringing over 15 years’ experience and deep expertise in the private sector across Europe and West Africa.

The statement said, “He is an accomplished business strategist and success-driven leader with strong business acumen. Suleiman has also been a core member of the executive management team at Siemens Energy serving in roles as Sales Director West Africa – Service Distributed Generation Oil & Gas and Vice President Service & Digital.

“Prior to this, he also held various functional and managerial positions with ABB Ltd UK, ABBNG Nigeria, Schneider Electric Nigeria and Dresser-Rand Nigeria Ltd.

It added that Suleiman was experienced in establishing operational excellence with specific competence in the power, oil and gas sectors.

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FG Reopens Osubi Airport Warri for Daylight Operations




FG Reopens Osubi Airport Warri for Daylight Operations

The Federal Government on Monday said the Osubi Airport in Warri has been reopened for daylight operations.

The Minister of Aviation, Hadi Siriki, disclosed this in a tweet.

The airport was closed in February 2020 over mismanagement and debt allegation involving aviation service providers and airport management.

However, Oberuakpefe Afe, a lawmaker representing Okpe/Sapeie/vaie federal constituency, recently moved a motion for the Federal Government through the ministry of aviation and relevant authorities to reopen the airport for flight operations.

On Monday, Hadi Siriki said “I have just approved the reopening of Osubi Airport Warri, for daylight operations in VFR conditions, subject to all procedures, practices and protocols, including COVID-19, strictly being observed. There will not be need for local approvals henceforth.

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