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The Nigerian Electricity Regulatory Commission (NERC) says it has suspended the board of directors and other key management staff of Ibadan Electricity Distribution Company (IBEDC).
Mrs Vivian Mbonu, NERC’s Head of Media Unit, on Wednesday said in statement that the directors and management staff were suspended for non recovery of inappropriate shareholders loan of N6 billion.
Mbonu said the suspension was via Order No. NERC/181/2018 of June.
She said the loan was granted to Integrated Energy Distribution and Marketing Group (IEDMG) Ltd. by the utility.
According to her, IEDMG is the core investor in IEBDC, following the privatisation of electricity distribution companies by the Federal Government.
“The loan was granted by IBEDC from funds released to all DisCos by the CBN under the Nigeria Electricity Market Stabilisation Funds (NEMSF).
“It is for the purpose of improving the networks and reducing aggregate technical, commercial and collection losses.’’
She said the commission had earlier fined IBEDC N50 million on Sept. 18, 2017 for non-compliance with Order No. NERC/173/2017.
According to her, the 2017 order directed the IBEDC to fully recover the outstanding N5.7 billon being the balance of the loan granted by the utility to IEDMG. (NAN)
– Jun. 20, 2018 @ 15:12 GMT |
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