NERC Fines Port Harcourt Disco N37.5m

ElectricityPhotographer: Dimas Ardian
  • NERC Fines Port Harcourt Disco N37.5m

The Nigerian Electricity Regulatory Commission has imposed a fine of N37.52m on the Port Harcourt Electricity Distribution Company over its failure to submit audited financial reports since 2013 when a new management came on board.

NERC in its Directive 158 that was signed by its acting Chairman, Dr. Anthony Akah; and General Manager, Legal Licensing and Enforcement, Mrs. Olufunke Dinneh, said the PHED had consistently flouted its licensing conditions, which require it to submit yearly audited financial reports, and that subsequent reminders were unheeded.

The commission said the PHED had flouted at least four of its licensing conditions by failing to submit two years financial reports, adding that each of the four grounds of infringement attracted a fine of per day beginning, from April 1, 2014 when the offences were first brought to the Disco’s attention.

The power sector regulator stated, “For failing to comply with the licence terms and conditions, and other regulatory instruments, which is a breach of Section 63 (1) of the Electric Power Sector Reform Act, 2005, the PHED is hereby fined N10,000 per day from April 1, 2014.

“For failing to comply with Condition 6 (7) of the Electricity Distribution Licence terms and conditions granted the PHED by the commission, the PHED is hereby fined N10,000 from April 1, 2014 till the date of this directive. For failing to comply with Conditions 23 (1) of the Distribution Licence Terms and Conditions granted the PHED by the commission, the PHED is hereby fined N10,000 per day from April 1, 2014.”

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Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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