Nigeria’s FG moves to terminate fiber network concession agreements, to recover $75.5m

Babatunde Raji Fashola, Nigeria’s minister of power, works and housing has written to president Muhammadu Buhari in an effort of  Transmission company of Nigeria (TCN) to terminate two failed Fiber Network concession agreements and recover the outstanding concession fees of $75,500,000.00 million from the two concessionaires.

In the letter addressed to the president and seen by Daily Times, the ministry said it is ready to take position of and commercialize the critical fiber optic infrastructure, which are essential for the stability and optimization of the national grid.

The minister revealed that TCN, 100% owned by the Federal Government of Nigeria owns and operates the national grid, which consists of 8,336 km of 330kV transmission Iines, 8,071 km of 132kV transmission lines, and 1913301732133kv substations that convey electricity nationwide from power stations where the electricity is produced, to distribution companies who receive it for onward delivery to households, businesses and industries across the country.

According to Fashola, the decision for takeover was due to the manifest breach of the Fiber Network concession agreements by the concessionaires, and the existence of conflicts.

Below is full letter written by Fashola to the Nigeria’s president: