Canadian company Manitoba Hydro International has signed an agreement with the Bureau of Public Enterprise for the management of Transmission Company of Nigeria (TCN) today (Monday 23 July, 2012).
The company will start management of the company on Monday, July 30.
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The Nigerian Electricity company was split into Generation Companies, 1 Transmission Company and up to 15 Successor distribution companies.
Director General of the Bureau for Public Enterprise, Bolanle Onagoruwa said one of the key objectives of the agreement is to stabilize the national grid and reduce electricity losses during transmission.
TCN is one of the successor companies created from the unbundling of the power holding company of Nigeria and will now be managed by manitoba hydro for three years at a cost of 23 million dollars.
While electricity generation and distribution will be fully privatized, government remains in charge of transmission though it will be managed by the private sector for improved output.The move to privatize the TCN has however has been opposed by electricity workers who are worried about their job security and severance package.
To quell the fears of the workers, Minister of Power, Barth Nnaji said the Canadian company is resuming with only eight of its staff with Nigerian workers expected to understudy their operations
Manitoba, whose financial bid for the management of TCN was opened on April 3, had emerged the sole bidder after the second firm in the race, Power Grid of India, failed to meet the technical requirement.
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The fact that only Manitoba bidded and got the award is not strange to Nigerians. Even the so called Indian firm that backslided is a kangaroo arrangement.23million dollars for 8 ppl in just 3 yrs. How much have that company been able to generatye in their own country within 3 years? Barth Nnaji is helping the present Govt to milk Nigeria dry in the name of giving us power. One thing I'll however let them know s that they are mere mortal beings who will surely pass out at an appointed time set by God. If they like let them takeover all the wealth of the nation and the world atlarge. They wont take those wealths to their graves. Time shall tell. While some are busy sacrificing all the have to better the lot of Nigeria, this govt and their cohort are busy using what the nation has to better their own lot. Its well with us all. Whatever you do however, think of posterity. A word is enough for the wise.
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