The Nigerian Electricity Regulatory Commission (NERC) has read the riot act to electricity distribution companies in Nigeria over racket in the submission of their financial statements.
The commission stated this at the monthly power sector stakeholders meeting in Sokoto, that Benin, Kano and Enugu DISCos would be sanctioned for not complying with sector directives regarding submission of audited accounts.
In a communique issued at the end of the meeting presided over by the minister of Power, Works and Hosing, Mr Babatunde Fashola, NERC, however, directed that DisCos would be required to submit financial statements of their companies in accordance with the provision of their licenses.
The communique read, “NDPHC announced the completion of Alaoji to Ikot Ekpene 330kv DC line, as well as Calabar to Ikot Ekpene 330kv DC line, following the resolution of community issues in Itu and Oronta. Following the quality assessment by NEMSA, this line will be energised.
“Ikot Ekpene switching station is expected to be commissioned at the end of October. These transmission projects are critical to improvements in grid reliability in the country.”
The communique issued at the end of the 9th monthly meeting by the Minister of Power, Works and Housing, Mr Babatunde Fashola with operators of the Power Sector, held at Sokoto Independent Power Project, Gidan Salanke Road, Sokoto State, showed that the meeting focused on identifying, discussing and finding practical solutions to critical issues facing the Nigerian Electricity Supply Industry.
“The operators were fully represented at the highest executive management levels, including Managing Directors and CEOs of Generating Companies (GenCos), Distribution Companies (DisCos), and the Transmission Company of Nigeria (TCN), as well as various government agencies such as the Niger Delta Power Holding Company (NDPHC), the Nigerian Bulk Electricity Trader (NBET), the Nigerian Electricity Regulatory Commission (NERC), Nigerian Electricity Liability Management Company (NELMCO) and Nigerian Electricity Management Services Agency (NEMSA) responsible for the regulation and development of the electricity industry.”