Nigerian Electricity Regulatory Commission (NERC)

NERC fines Ibadan DISCO N50m

By Kingsley Okoye

Abuja –   The Nigerian Electricity Regulatory Commission (NERC) has slammed  a fine of N50 million to the Ibadan Electricity Distribution Company (IEDC).

The fine was on  account of the failure of the company to secure a refund of an interest free loan the board of IEDC granted to its core investor group.

A statement by Dr. Usman Arabi , NERC Head of Public Affairs Department, said that commission found the company  wanting on two grounds of inappropriate financial transactions and was subsequently fined  the sum of N50 million.

Arabi said the fine was occasioned by the outcome of an open book review conducted on the financial records of IEDC.

Related Story:  IMF to send mission to Zimbabwe in coming days

According to him, information from the commission indicates that the industry regulator was  also reviewing the utilisation of Nigeria Electricity Market Stabilisation Fund (NEMSF) in all other distribution companies.

He said that NERC, had, through  its Order 173, directed IEDC to recover the sum of N5.7 billion being the balance of the inappropriate loan of N6 billion granted by the utility to  the core investor in IEDC.

Arabi said the loan was sourced from a total sum of N11.367 billon disbursed to IEDC under the NEMSF granted by the Central Bank of Nigeria (CBN) for improvement of infrastructure in the company including metering.

Related Story:  Edo Govt earmarks N100m for monthly pension arrears – Obaseki

He said that the repayment of the loan to CBN by the 11 distribution companies had continued to be made as a first charge on the revenues of the companies.

He said that NERC would ensure full recovery of the misused funds from IEDC including the accrued interest at 10 per cent. (NAN)

MTN News Alert
DMON
To receive our mobile newspaper on MTN delivered on your phone, text SAWD to 4900 at N50 per week or SAMD to 4900 at N150 per month.
For information on press releases, photos, promotional events and adverts, call or send text to 08173460599 or 08094208271or send email to: info@sundiatapost.com

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D
Email: info@sundiatapost.com
Website: www.sundiatapost.com

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838
https://twitter.com/sundiatapost/

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143
Dubai Office: PAU Management Suite, Level 23 - Boulevard Plaza Tower 2, Emaar Boulevard,
P. O. Box 124342, Dubai, UAE.
Tel: +971 4 4096849 | Fax: +971 4 409 6850
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
ACCREDITED MEMBER
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate