The Nigerian Electricity Regulatory Commission (NERC) has slammed a fine of N66.6 million on Afam Power and Eko Electricity Distribution Company (EKEDC) for not submitting two years audited financial reports.
It would be recalled that NERC, early this month, fined the Transmission Company of Nigeria (TCN) N47.6 million for a similar offence. A statement by the Acting Chairman, NERC, Dr. Anthony Akah, yesterday said Directive 162 of NERC found Afam Power in breach of its licensing terms and other operating conditions when it failed to file an audited financial report for 2014. Afam was slammed with N18.5 million for the breach, it said.
For Eko DisCo, Directive 163 stipulates that it pays N48 million for the late submission of its 2013 report and non-submission of its 2014 report. Both directives signed by Dr. Akah and the General Manager, Legal, Licensing and Environment, Mrs Olufunke Dinneh, expected the companies to pay their fines within two weeks beginning from December 9, 2016 when they were signed.