NERC Slams N47.6m On TCN For Infringements

By Ikenga Chronicles December 9, 2016

NERC Slams N47.6m On TCN For Infringements

The Nigerian Electricity Regulatory Commission (NERC) has asked the Transmission Company of Nigeria (TCN) to pay a whooping sum of N47.6m fine for not submitting its 2013 and 2014 audited financial statements.

This is coming after 11 power distribution companies(Discos) in the country hinted at the collapse of the Nigerian electricity industry as a result of the poor tariffs being charged consumers.

The Discos expressed fears that the sector was under grave threat on account of various operational challenges occasioned by the exorbitant and unstable naira to dollar exchange rate.

However, NERC gave the TCN a period of 2 weeks to meet up with the payment, starting from December 2, 2016.

The fine also includes a five per cent interest every day after the due date.NERC said the “TCN failed to submit its audited financial reports, thus violating Section 63 (1) of the Electric Power Sector Reform Act, 2005, which stipulates that ‘a licensee shall comply with the provisions of its licence, regulations, codes and other requirements issued by NERC from time to time.’”

It said that “other infractions by the TCN were contained in its Directive 160, which had to do with the conditions of the company’s transmission licence.”

NERC stated that it had “reminded the TCN several times of its obligations to submit audited financial accounting statements for 2013 and 2014, but it persistently refused or neglected to comply with the requests.”

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