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Wednesday , 13 December 2017

NERC fines IBEDC N50m for inappropriate transactions

 The Nigerian Electricity Regulatory Commission on Thursday announced a fine of N50m against the Ibadan Electricity Distribution Company as a result of inappropriate financial transactions conducted by the Disco.

According to the power sector regulator, the IBEDC violated its directives in Order 173 with respect to the financial transaction in question, a development that attracted the N50m fine as a punitive measure.

In a statement issued in Abuja by the commission, it said, “Following the outcome of an open book review conducted on the financial records of IBEDC, NERC found the company wanting on two grounds of inappropriate financial transactions and (it) was subsequently fined a sum of N50m.

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