The Nigerian Electricity Regulatory Commission (NERC) has forced a fine of N66.6 million on Afam Power and Eko Electricity Distribution Company (EKEDC) for not submitting two year examined money related reports.
Media reports circulate that NERC early this month fined the Transmission Company of Nigeria (TCN) N47.6million for comparative offense.
An announcement by the Acting Chairman, NERC, Dr. Anthony Akah said Directive 162 of NERC discovered Afam Power in rupture of its permitting terms and other working conditions when it neglected to record reviewed money related report for 2014. Afam was hammered with N18.5million for the rupture, it said.
For Eko DisCo, Directive 163 stipulates that it pays N48million for the late accommodation of 2013 report and non-accommodation of 2014 report.
Both Directives marked by Dr. Akah and the General Manager, Legal, Licensing and Environment, Mrs Olufunke Dinneh anticipated that the organizations would pay their fines within two weeks starting from December 9, 2016 when the Directives were agreed upon.
The announcement said the fines draw in five for each penny intrigue every day after the two weeks ban. NERC may likewise consider advance disciplinary activities against the blundering firms, it included.
NERC in the Directives said both organizations challenged a few suggestions and updates sent to them to record their inspected monetary reports for the periods under audit yet the updates went unnoticed.
“The Commission would do whatever is required to guarantee dicipline in the Nigerian Electricity Supply Industry (NESI).
“We anticipate that the administrators will act in compliance with common decency and in accordance with the business guidelines, gauges and conditions for their licenses as the Commission won’t trade off on global accepted procedures,” he said.
Akah additionally said that all fines got by the Commission as an aftereffect of administrative approvals are to be exchanged to Rural Electrification Fund as guided by the Electric Power Sector Reform (EPSR) Act 2005.
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