The Nigerian Electricity Regulatory Commission (NERC) has slammed a N50 million fine on Ibadan Electricity Distribution Company Plc (IBEDC), while ordering it to recover N5.75 billion, with interest, spent on inappropriate transactions, Daily Trust reports.
A statement issued by NERC spokesman, Usman Abba-Arabi, yesterday, said the fine followed the outcome of an open book review conducted on the financial records of the Distribution Company (DisCo).
NERC said it found the DisCos wanting on two grounds of inappropriate financial transactions and was subsequently fined N50 million. “The fine was on account of its failure to secure a refund of an interest-free loan the board of IEDC granted to its core investor group,” it noted.
Source: Energy Mix Report