The Managing Director of the Transmission Company of Nigeria (TCN), Mr. Usman Gur Mohammed, has said the 11 Distribution Companies (DisCos) need to capitalise to meet estimated $4.262 billion (about N1.549 trillion) funding for new transformers and injection substations.
Mohammed who spoke at an interactive forum for retired NEPA/PHCN/TCN staff in Abuja last weekend said TCN launched a Transmission Master Plan in February 2018 that shows the DisCos need the funds to expand their networks for over 20,000 megawatts (MW) of electricity in a few years.
He said: “What we are suggesting is that the DisCos need capitalisation. Capitalisation will come with new management for efficiency. If the government increases the capital requirement of the DisCos, they will go and look for other competent investors and we believe this is our position.”
Source: Daily Trust