PwC to Audit TCN’s Account for First Time in 10 Years

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The Transmission Company of Nigeria (TCN) has said that it will open its books to external auditors to review for the first time in the last 10 years.

TCN, which recently reverted to the federal government’s management, admitted at a recent briefing in Abuja that it had not opened its operations for external audits in the last 10 years.
The company has however, revealed that it has now engaged PricewaterhouseCooper (PwC) Nigeria to undertake an external audit on its accounts.

TCN’s Executive Director in charge of Finance and Accounts, Mr. Sonny Iroche disclosed at the meeting that the audit would span between 2006 and 2014, a period of 10 years.

He noted that TCN has though been undertaking internal audits but now needs to do external audit.
Iroche said the audit would be followed with the migration of its accounting system to conform to the international accounting standards.

He did not specifically state if the audit would include the activities of TCN during its management contract under Canadian power firm, Manitoba Hydro International (MHI).
However, given the audit would be covered, it is obvious that the activities of MHI would also be audited.

The government reportedly made financial commitments worth $34 million to MHI.
Similarly, TCN’s acting Managing Director, Abubakar Tambuwal Atiku disclosed that since the government took over the management from MHI, the Nigerian managers have recorded some commendable milestones.

“TCN is continuously bringing back to service unavailable equipment to boost and strengthen the grid and make it more reliable. It is on record that as at 31st July, 2016, we have a total of 20 unavailable equipment, comprising transformers, reactors and transmission lines. As at date, we have successfully restored the following critical equipment hitherto neglected before we took over on 1st August 2016, thus bringing down the number of unavailable equipment.

“The equipment restored to service from 1st August, 2016 include: 75MX reactor restored back to service at Lokoja, Kogi State, installation of 60MVA transformer at Okene transmission station after three months of outage and second 330kV line from Shiroro to Katampe which has been restored to service,” Atiku explained.

He also said that: “60MVA transformer restored back to service at Owerri transmission station after one month of outage, newly installed 60MVA transformer at Okene transmission station commissioned to service and an additional 2x60MVA transformers at Akangba transmission station.”
Atiku added that the transmission system has so far remained relatively stable with zero system collapse. He added that the TCN was working to ensure avoid system disturbances that could lead to collapses.

Also, the Executive Director, System Operations, Mohammed Gumel disclosed that the company has entered into an agreement with Egbin, Olorunsogo and Delta power generation companies to provide the network with spinning reserves in cases of system collapse. He said the power stations would act as the network’s balancing factors in this regard.

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