Power, Works and Housing Minister, Babatunde Fashola, in a letter to President Muhammadu Buhari, has disclosed the termination of the concession contracts for the management of Fiber Optic Network of the Transmission Company of Nigeria (TCN).

The contract was with Alheri Engineering Company Limited, largely owned by African richest man, Aliko Dangote; and, Phase3 Telecom Limited, linked to an in-law of former Minister of Communications, Cornelius Adebayo.

Fashola, in the letter dated October 31, 2017, with reference number FMP/OPS/05/1 obtained by THEWILL faulted the process of the concession insisting that there was breach of agreement, as well as conflict of interest in the entire transactions.

“I write to respectfully draw your Excellency’s attention to ongoing efforts by the management of the Transmission company of Nigeria (TCN) to enforce its termination of two failed Fiber Network concession Agreements, recover its outstanding concession fees in the sum of usd 75,500,000.00 million from the two concessionaires, and take position of and commercialize its critical fiber optic infrastructure, which are essential for the stability and optimization of the national grid,” Fashola wrote.

He informed the President that going ahead with the concession would affect the stability, optimization and continued expansion of the national grid, which, in turn, will affect communication in the country generally.

“The Concessionaires were to pay a concession fee of $40 million each for the use of TCN’s asset to service their customers,” he continued.

“The concession fee was not just for the right of way upon which the transmission lines are constructed, but also for the use of the fiber optic network which was built by TCN along with the transmission lines.

“The agreement also provided for shelter fees of 2.5 per cent on gross revenue. Since 2006, Phase3 and Alheri have paid only $2 million and $3.5 million concession fees respectively.”

PapaBrowne:
We are watching.

Fashola and Buhari should do nothing whatsoever to scuttle Ambode’s and Dangote’s planned 12,000 MW plan for 24hr power supply to Lagos.

We are watching. It always starts like this.

PapaBrowne:
We are watching.

Fashola and Buhari should do nothing whatsoever to scuttle Ambode’s and Dangote’s planned 12,000 MW plan for 24hr power supply to Lagos.

We are watching. It always starts like this.

dondo83:
. Fiber-optic communication is a method of transmitting information from one place to another by sending pulses of light through an optical fiber. ... Optical fiber is used by many telecommunications companies to transmit telephone signals, Internet communication, and cable television signals.
Why are you embarrassing yourself?

PapaBrowne:
We are watching.

Fashola and Buhari should do nothing whatsoever to scuttle Ambode’s and Dangote’s planned 12,000 MW plan for 24hr power supply to Lagos.

We are watching. It always starts like this.

PapaBrowne:
We are watching.

Fashola and Buhari should do nothing whatsoever to scuttle Ambode’s and Dangote’s planned 12,000 MW plan for 24hr power supply to Lagos.

We are watching. It always starts like this.

dondo83:
. Fiber-optic communication is a method of transmitting information from one place to another by sending pulses of light through an optical fiber. ... Optical fiber is used by many telecommunications companies to transmit telephone signals, Internet communication, and cable television signals.
Why are you embarrassing yourself?

PapaBrowne:
We are watching.

Fashola and Buhari should do nothing whatsoever to scuttle Ambode’s and Dangote’s planned 12,000 MW plan for 24hr power supply to Lagos.

We are watching. It always starts like this.

dondo83:
. Fiber-optic communication is a method of transmitting information from one place to another by sending pulses of light through an optical fiber. ... Optical fiber is used by many telecommunications companies to transmit telephone signals, Internet communication, and cable television signals.
Why are you embarrassing yourself?

He informed the President that going ahead with the concession would affect the stability, optimization and continued expansion of the national grid, which, in turn, will affect communication in the country generally.

PapaBrowne:
We are watching.

Fashola and Buhari should do nothing whatsoever to scuttle Ambode’s and Dangote’s planned 12,000 MW plan for 24hr power supply to Lagos.

We are watching. It always starts like this.

Drlilprinz:
Am just thinking in my mind.....will Buhari be able to understand all these big big grammar up there

TheAngry1:



Chai! Nigerians harsh o!

idealogical:

https://naija247news.com/2018/01/15/nigeria-cancels-dangotes-power-concession-deal-over-millions-in-unpaid-debt/

PrecisionFx:



12,000MW plant costs an average of 12 billion dollars to build and another 12 Billion dollars as running costs. From start to finish, It will take 4 - 5 years to build.

Stop dreaming, cuz ambode is preparing for re-election next year.
Lagos never pay for their 2 billion dollars loan during Fashola era, Talk more of another 15 - 20 Billion dollars New loan.