For failing to submit the audited financial report for 2013 and 2014, the Nigerian Electricity Regulatory Commission, NERC has fined Afam Power and Eko Disco the sum of N66.6 million.
The decision by NERC was based on the fact that the two utilities breached their licensing terms and other operating conditions by their inactions.
The directives were signed by the acting Chairman and Chief Executive officer of NERC, Dr Anthony Akah and the General Manager, Legal Services, Mrs Olufunke Dinneh.
According to the directives, the companies are to pay up within two weeks starting from December 9, 2016 when it was signed.
The fines attracts 5% interest daily after the two weeks moratorium. The commission may subsequently consider further disciplinary actions.
Dr Akah revealed that all fines received by the commission as regulatory sanctions areto be transferred to Rural Electrification Fund.
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