The House of Representatives Committee on Power Wednesday issued a 48 – hour ultimatum to the Nigerian Electricity Regulatory Commission (NERC) to reinstate the suspended board of the Ibadan Electricity Distribution Company (IBEDC).
Chairman of the House Committee on Power, Rep. Daniel Asuquo, who issued the ultimatum during the investigative public hearing on the circumstances surrounding the suspension of the power distribution company, harped on the need for the regulatory agency to desist from acts that would send wrong signals to investors in the power sector.
The lawmaker, who cautioned against the utilisation of public funds to prosecute cases, underscored the need for all parties involved to put public interest above individual gains.
The Ibadan electricity distribution board was suspended by NERC, sequel to the delay in the payment of $185.6 million facility given to Integrated Energy Distribution and Marketing Company (IEDC), obtained from a consortium of six banks that financed the acquisition of the power distribution firm and the Yola Electricity Distribution Company respectively.
According to documents made available to the House, the facility was given to IEDC, parent company and holder of 60 per cent equity of Ibadan DISCO between May 2015 and May 2016.
In its intervention, the Bureau of Public Enterprises (BPE), holder of 40 per cent of IBEDC equity on behalf of the Federal Government wrote a letter to NERC requesting the commission to give the bureau two weeks to resolve the matter amicably.
The Commission had on the June 19, 2018 issued an order suspending the executive and non-executive board members of IBEDC.
Rep. Asuquo, who underscored the need for NERC to maintain the status quo as directed by an Abuja Federal High Court, stated that the House is exercising its statutory power to initiate investigation into the activities of any institution established by the Act of parliament.
Responding, James Momoh, NERC chairman and Olufunke Dinneh, General Manager (Legal) argued that the commission is constrained by the ruling of the Federal High Court to maintain the status quo, adding that presentation by the Commission before the Committee willl be prejudicial.
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