TCN News: Give More Power To Sub Station At Damaturu | Nigeria News
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TCN News: Give More Power To Sub Station At Damaturu

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The Transmission Company of Nigeria (TCN) has energised a new 330/132KV substation in Damaturu, a statement from the company says.

The statement by TCN’s General Manager, Public Affairs, Mrs Ndidi Mbah on Sunday in Abuja, said the new substation was in line with President Muhammadu Buhari’s administration policy on incremental power.

According to her, the contract for the substation was awarded to a local contractor in 2006 with the normal completion period of 18 months, but due to the poor capacity, the project suffered unprecedented delays and variations.

Mbah further said: “In view of TCN’s pursuit of grid expansion, it refused to again extend the contract which had in fact expired long ago.

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“Instead, it handed over the completion of the project to TCN task team about two months ago for completion’’.

She said the TCN team of engineers completed the 330kv side of the substation two weeks back.

Mbah said the new substation which comprised of 150MVA 330/132kV and 60MVA 132/33kV power transformers was expected to greatly improve the quantity and quality of electricity supply to customers of Yola Electricity Distribution Company (YEDC).

According to Mbah, the customers are the communities from Gaidam, Buni Yagi, Buni Gari, Ngamdu, Baimari, Yunusari Damaturu Metropolis and environs.

She further revealed that prior to the successful completion of the new Damaturu transmission substation; electricity voltage to Damaturu and environs was poor, due to a long 33kv distribution line from the Potiskum 132kV substation.

This, she said made, the distribution infrastructure from Potiskum unable to guarantee four hours of electricity supply daily to the area.

She, however said with the new 330/132/ substation in Damaturu substation, the poor supply would be mitigated.

She said several projects were on-going in TCN’s network nationwide, adding that the company would continue to invest in capacity expansion initiatives through its Transmission Rehabilitation and Expansion Programme.(

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Business

CBN, Governor Emefiele reacts to ‘missing’ of over N600bn

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Breaking News; Buhari appoints Godwin Emefiele, CBN governor for second term in office

The Central Bank of Nigeria, CBN and the Governor of the Apex bank, Governor Godwin Emefiele has reacted to rumour going around on social media and elite that about 600Bilion is missing since 2016.  The reactions of governor Emefiele was received on Monday morning by NIGERIA NEWS

This news was generated as a result of audio recording going around where the board of the CBN are heard saying 644bn is missing.

Here is the full statement made by the apex bank on the issue and audio recording.

The Management of the Central Bank of Nigeria (CBN) has been notified of a purported audio recording of selective conversations amongst the Governor, Deputy Governor and some Senior Officials.

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Contrary to the headline-grabbing narrative that the discussion was about a fraudulent transaction, this conversation – the beginnings of which was omitted to create a different impression – was simply to proffer solutions to a misunderstanding that affected the Bank’s balance sheet.

As publicly known, the CBN was approached in 2015 by the National Economic Management Team and the National Economic Council (NEC), chaired by the Vice President, to assist State Governments with Conditional Budget Support, in the aftermath of the significant nose-dive in global oil prices and associated FAAC allocations.

In order to ensure that ordinary Nigerian workers got their salaries, pensions and gratuities, and that the economy continued to recover from recession, the Bank provided about N650 billion in loans at 9% with a two-year grace period to 35 States of the Federation. These monies were distributed to the States monthly with documented approval of the Federal Ministry of Finance and the Presidency.

In closing the Bank’s 2018 accounts, external auditors in their Draft Account, erroneously classified about N150 billion of these loans as bad, which negatively affected the Bank’s Balance Sheet and shareholders fund.

The selective conversation being circulated was simply a discussion to ascertain why the auditors took that position and next steps to resolving it. Obviously, it soon became clear that a State Government loan cannot be classified as “bad” or “irrecoverable” when the State still exists and getting FAAC allocations.

The Bank then reached out to the Federal Ministry of Finance and they jointly gave comfort to the auditors who accepted in writing that these monies would be repaid. On this basis, the auditors reversed the negative entry and the certified that the CBN’s 2018 accounts were a true reflection of the State of Affairs.

Reconciliation of Balance Sheet items are regular conversations amongst Senior Management of many agencies and should not be misconstrued as anything but that. Had the online media which released the selective recordings sought the comments of CBN as required of journalism practice, we would have provided it.

Clearly, those who listened to the audio can easily ascertain that the conversation had nothing to do with anything fraudulent as purported. The Bank therefore urges all well-meaning Nigerians to disregard this audio and continue to trust that the Bank is doing everything it can to represent their interests in the best possible way.

Under the leadership of Governor Emefiele, the CBN has always stood for, and vigorously pursued transparency in its stewardship of public resources and policies. NO MONIES ARE MISSING OR STOLEN. The integrity of the CBN Governor remains unassailable.

He has no account in Dubai or anywhere in the world and would never convert the funds of CBN for personal use. Not in the past, not now and not ever. The use of selective wiretapped conversations of the Bank’s Management, to malign his character and integrity will never stand.

The Bank will pursue every legal means to bring the perpetrators to justice.

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Economy

Buhari appoints Godwin Emefiele as CBN governor for second term

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Godwin Emefiele reappointed as CBN governor by muhammadu Buhari, Nigeria president

The news reaching NIGERIA NEWS is that the governor of Central Bank of Nigeria, Godwin Emefiele has been reappointed by the Nigerians president, Muhammadu Buhari for the second term.

Recall that the tenure of the governor of the CBN is meant to expire next month, June buh his reappointment will see him spend another four years in the CBN.

NIGERIA NEWS understands that provided that Emefiele spends another full term he will become the first Nigerian to spend 8 good years in the apex bank of Nigeria since the returning of Democrazy in 1999.

BREAKING: The President of the Senate, Dr. Abubakar Bukola Saraki, has just read a letter from President Muhammadu Buhari, reappointing the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, for a second term.

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