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House probes TCN’s $1.5bn, $500m foreign loans | | MMS PLUS WEEKLY NG


House probes TCN’s $1.5bn, $500m foreign loans


The House of Representatives has queried loans totalling $1.5bn taken from foreign creditors by the Transmission Company of Nigeria.

This is in spite of a separate $500m loan, which the power firm is already negotiating with the Islamic Development Bank.

The House resolved on Wednesday to investigate the operations of the TCN in the past 10 years, especially the loans, which it said were taken without applying due process of the law.

The motion calling for the probe was moved by a member from Kaduna State, Mr. Simon Arabo.

The motion stated, “The House notes that the TCN is wholly owned by the Federal Government through the Ministry of Finance Incorporated and the Bureau of Public Procurement, which hold the shares on its behalf.

“(The House is) aware that the TCN has taken loans amounting to $1.5bn from the World Bank and other international lenders over a period of time without complying with the provisions of Section 44 of the…

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