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The management of Nigerian Electricity Regulatory Commission (NERC) has sanctioned two mega power groups over cases of regulatory breaches and observed infractions.
Relying on their failures to submit audited financial reports for 2013 and 2014, NERC has fined Afam Power Plc and the Eko Electricity Distribution Company about N66.6m.
Details sighted at NERC showed that Afam Power breached its Directive 162 when it failed to file audited financial reports for 2014 and was subsequently liable to pay N18.51m in fines.
On the case of EKEDC, the company was sanctioned due to the violation of its licensing terms and other operating conditions as contained in Directive 163 for its late submission of the 2013 and non-submission of 2014 audited financial reports, hence the company is liable to pay N48.09m fine.
Business Hilights gathered that both directives were signed by the Acting NERC Chairman, Dr. Anthony Akah, and the General Manager, Legal, Licensing and Environment, Mrs. Olufunke Dinneh.
By another NERC regulation, the companies are expected to pay their fines within two weeks beginning from December 9, 2016. The deadline ended on December 23, but efforts to find out whether they have complied failed at press time.