Nigerian Electricity Regulatory Commission, NERC, has fined the Transmission Company of Nigeria, TCN, N47, 670,000 over its failure to submit 2013 and 2014 audited financial statements.
This was made known in a letter signed by the Acting Chairman of NERC, Dr. Anthony Akah, and General Manager, Legal, Licensing and Enforcement, Mrs. Olufunke Dinneh , asking them to pay up on before two weeks.
According to NERC, the TCN violated the Section 63 (1) of the Electric Power Sector Reform Act, 2005 and that attracts five per cent interest daily after the due date, the commission said in Abuja.
Head, Public Affairs Department at NERC, Dr. Usman Abba Arabi, said TCN was fond to have persistently refused or neglected to comply with the commission’s written requests.
Other infractions as contained in Directive 160 include Condition 4 and 5 of TCN’s Transmission Licence. Condition 4 stipulates that “Licensee shall furnish to the Commission information, in such a manner and at such times as the Commission may require” at the time and format as may be required by the Commission to perform its regulatory functions.
Condition 5 of TCN’s licence further directs it to submit audited financial reports to the Commission as detailed in its Transmission Licence.
‘’Consequently, TCN is liable to N10, 000. 00 fine daily on each of the three grounds of infractions beginning from April 1, 2014, for failure to submit 2013 audited financial report and April 1, 2015 for 2014 audited financial report.