The Nigerian Electricity Regulatory Commission (NERC) has told four Distribution companies (Discos) that failure to pay N27.4m fine by August 8 will attract a daily interest rate of five per cent.
The commission said this condition was contained in the directives issued by its acting chairman, Dr Anthony Akah and the general manager, legal, licensing and enforcement, Mrs. Olufunke Dinneh, and delivered to Ibadan, Ikeja, Enugu and Port Harcourt Discos.
Two of the Discos were sanctioned on July 25, 2016, for not submitting their quarterly performance reports, while the two others failed to resolve complaints of customers redirected to them by the NERC. They were given two weeks to clear the fines, beginning from July 25.
For that, Ibadan Disco would pay a fine of N2.850m for the flop from April 22 to July 25, 2016, when the sanction was handed out.
The Ikeja Electricity Distribution Company (IKEDC) was found guilty on three grounds of violation of not treating complaints, denying the regulator information. It would pay a similar