By Chineme Okafor in Abuja
With just seven days left to the expiration of the management contract between Canadian power firm, Manitoba Hydro International, and the Transmission Company of Nigeria (TCN), THISDAY has learnt that the chances of a contract renewal for Manitoba are slim.
A reliable presidency source disclosed this to THISDAY yesterday in Abuja. He said there are possibilities that the transmission company might be returned to government management the way it was before its handover to Manitoba in 2012.
The source also said that the government might have decided to ignore the recommendations made by the Bureau of Public Enterprises (BPE) through the Office of the Vice-President on the options available to government in the event the Manitoba contract is not renewed.
He added, however, that up to $300 million of a proposed funding arrangement for the transmission network from the World Bank could be in jeopardy because the Bank had expressed reservations about releasing the funds if the TCN reverts to government control.
Another reliable industry source equally informed THISDAY that a proposal made by China State Grid to invest, operate and transfer the transmission network was also overlooked by the government, which he said was working towards the takeover of TCN from Manitoba and running it, despite the government’s abysmal track record in the management of the grid prior to the management contract.