Fashola: Why NERC Wants Revenues, Accounts of 11 Power Discos Escrowed

By Nigeria Electricity Hub

The Minister of Power, Works and Housing, Mr. Babatunde Fashola, has said that the Nigerian Electricity Regulatory Commission (NERC) wants the accounts of and revenues generated by the 11 electricity distribution companies (Discos)to be centralised and escrowed to protect the power sector from collapsing.

Fashola explained at the last monthly meeting of operators in the sector in Jos, Plateau State that the decision was taken to protect the power sector from collapsing on the back of Discos’ reported dishonesty with their financial collections which legally belong to the market.

He also explained that the Discos were opposed to the move despite their prior agreements with the Central Bank of Nigeria (CBN) before they got loans from the apex bank to support their operations and capacity upgrades at very low interest rates.

He noted that the discos had similarly failed overtime to honour agreements reached with the Nigerian Bulk Electricity Trading Plc (NBET) to provide letters of guarantee for future payments for energy sold to them by the NBET.

According to him, while the Discos opposed the move, they also failed to state that, “the escrow condition was agreed by you (Discos) with Central Bank as a condition for offering you stabilisation funds by way of loans to fund the business you invested in because commercial banks were reluctant to do so.”

He further said that they agreed, “to establish letters of credit to guarantee future payments to NBET and TCN Market Operations,” and that the agreed commercial terms of the letters of credit authorises NBET and TCN Market Operations to draw on the letters of credit for any default in payment to them, but the Discos have frequently defaulted in that agreement.

Justifying the NERC’s plan, Fashola said: “Any right-thinking person will accept the principle that any person lending you money must have the right to know what you are doing with the money especially when under collection and under-payment has been a major feature of many Disco performances.”

“As far as the regulation on your procurement is concerned, what the public needs to know, which your statement was silent on, is that you are entitled to fully recover your costs and investment by law and this is the function of how tariffs calculated. Since government holds 40 per cent of the shares of Discos on behalf of states and local governments and the Nigerian people, it has a duty to ensure that you buy parts and other equipment at reasonable and competitive market prices and not through inflated contracts to relatives as we have seen in some Discos in respect of which NERC will take action in due course and sanction those who are involved,” he explained.

The minister equally alleged that the Discos have failed to open up their financial statements for proper review by the regulator, thus negating corporate governance practices as required of them by the law.

He thus asked: “If a company cannot produce all the records of its transactions and accounts does that not allude to gaps in its governance?”

en

SOURCE :The Nigerian Voice (business)

69 thoughts on “Fashola: Why NERC Wants Revenues, Accounts of 11 Power Discos Escrowed

  • 14th October 2020 at 12:31 pm
    Permalink

    I’m not sure why but this blog iss loading incredibly slow for me.
    Is anyone else having thhis issue or is it a problem on my end?

    I’ll check back later on and see if the problem
    still exists.

    Reply
  • 14th October 2020 at 3:52 pm
    Permalink

    Does your site have a contacct page? I’m having a toigh time locating
    it but, I’d like to send you an email. I’ve got some ideas for your blog you might
    be ijterested in hearing. Either way, ggreat site and I look forward
    to seeing it grow over time.

    Reply
  • 17th October 2020 at 7:20 am
    Permalink

    I was curious if you ever considered changing the layout of
    your website? Its vrry well written;I love what youve got to say.

    But maybe you could a little more inn thee way of content so pelple could
    connect with it better. Youhve got an awful lot of text for only having 1 or 2 images.
    Maybe you ccould space iit out better?

    Reply
  • 17th October 2020 at 2:10 pm
    Permalink

    What’s up to all, how is everything, I think every one iss getting more from this site,
    and your views are fastidious in favor of new viewers.

    Reply
  • 17th October 2020 at 10:37 pm
    Permalink

    Hi there, just wanted tto tell you, I liked this post. It
    was funny. Keep on posting!

    Reply
  • 19th October 2020 at 8:56 am
    Permalink

    Generally I don’t learn post on blogs, however I wish to say that this write-up very forced me to try
    and do so! Your writing taste has been surprised me.
    Thank you, very great article.

    Reply
  • 19th October 2020 at 8:57 am
    Permalink

    LeptoConnect is a breakthrough supplement that puts an end to weight loss struggles by
    combating its root cause: leptin resistance.
    This supplement enables the body to speed up its metabolism and improves responses to appetite
    regulating hormones in the blood. By performing these two
    main functions, LeptoConnect helps its users to achieve their weight loss targets and
    live a healthier and a more active lifestyle, without having any side-effects on the body.

    Reply
  • 20th October 2020 at 3:54 am
    Permalink

    Heya fantastic blog! Does running a blog similar to this require a
    large amounnt of work? I’ve virtually no expertise in coding but I was hoping too start my own blog soon. Anyhow, if you have any recommendations or tips for new blog owners please share.
    I understand this is off subject nevertheless I simply had to ask.
    Appreciate it!

    Reply
  • 21st October 2020 at 8:26 am
    Permalink

    I’m gone to convey my little brother, that he should also visit this
    wesite on regular basis to obtain updated from
    latest news.

    Reply
  • 22nd October 2020 at 9:12 pm
    Permalink

    ggreat put up, very informative. I’m wondering why the other
    experts of this sector do not understand this. Youu should continue your writing.
    I amm sure, you’ve a great readers’ base already!

    Reply
  • 25th October 2020 at 4:54 am
    Permalink

    2. Great way to take a position youг money – Insurance plans are off
    many types. A life insurаnce premium is the
    caѕh charged by theе compoany for tthe policy coverage. Ѕince term life
    insurance іs “insurance only” with no investment options, it prices less
    than insurancе with constructed-in investments, resеmbling complete
    life. Wһile moѕt ԝhoplеsalers will cost eҳpensive costs for tһe popular bayһ bomb, peoρle can get them aat Halpy Hippo
    for a decrease value of $1.25. Romantic сards aren’t managed to solely giving one to probably the most beⅼoved persߋn ᧐nly whereas on dates.

    3) Tһe Christian worldview іs thɑt God has gіven us absolute fact
    through His divinely impressed book, the BiЬlе and God
    has additionally givn abѕolutе reɑlіty bby means of the
    human ϲonscience and in addition by nature (God’s leցal guideⅼines are embedded in nature which is
    the idea of natural regulatіon). When do you get Christian Fellоwship?

    We’ve got a wonderfᥙl church ⲣhysіԛue,
    aand we noгmally aall keep after providers and fellowship
    wherеass we’ve got lunch (each household briցs their own, ɑnd we share desserts.) That offers us a couple hours to speaк,
    ѕhare, аnd һave enjoyable toghethеr as a churϲh
    physique most weeks. While not a direct tiіtion savings,this means students coսld find ɑ
    pгeceptorshiр where ever they’d like.

    Reply
  • 25th October 2020 at 6:54 pm
    Permalink

    Wow, awesome weblog layout! How long have you been blogging for?
    you made running a blog glance easy. The overall look of your wweb
    site is magnificent, as neatly as the content material!

    Reply
  • 25th October 2020 at 7:10 pm
    Permalink

    I was curious iff you ever considered changing the layout of your site?
    Itss very well written; I love wat youve got to say.
    But maybe you could a little more in the way of content so people could connect with it better.
    Youve got an awful lot of text for only having 1 or two pictures.
    Maybe you could space it out better?

    Reply
  • 28th October 2020 at 4:27 pm
    Permalink

    I’m truly enjoying the design and layout of your website. It’s a very easyy on thee eyes
    which mmakes it much more pleasant forr me to come here aand visit mre often. Did you
    hirde out a designer to create your theme? Exceptional work!

    Reply
  • 29th October 2020 at 10:58 am
    Permalink

    This is a great tip particularly to those fresh to the blogosphere.
    Brief buut very accurate information… Thank you for sharing this one.

    A must read post!

    Reply
  • 31st October 2020 at 3:43 am
    Permalink

    obviously like your web site but you need to check the spelling on quite a few of your posts.
    Several of them are rife with spelling problems and I fiknd it very troublesome
    to inform the truth on the other hand I will certainly come back again.

    Reply
  • 31st October 2020 at 9:40 pm
    Permalink

    This piece of writing will help the internet viewers for setting up new website orr even a blo from start to end.

    Reply
  • 7th November 2020 at 1:27 am
    Permalink

    Very good write-up. I certainly live this site. Thanks!

    Reply
  • 9th November 2020 at 2:26 am
    Permalink

    You need to take padt in a contest for one of the greatest sites on the internet.
    I will recommend this blog!

    Reply
  • 14th November 2020 at 3:06 am
    Permalink

    Howdy jusst wanted to give you a quick heads up and let you know
    a few of the pictures aren’t loading properly.
    I’m not sure why but I think its a linkling issue.
    I’ve tried it in two different web browsers and both show
    the same outcome.

    Reply
  • 19th November 2020 at 5:16 am
    Permalink

    Hello, i think that i saw you visited my weblog so i got here to go back the want?.I am attempting to in finding things to enhance
    my website!I suppose its good enough tto use a feew of your ideas!!

    Reply
  • 19th November 2020 at 8:03 am
    Permalink

    magnificent points altogether, you simply won a brand new reader.
    Whaat might yoou recommend in regards to your submit
    tjat you made some days in the past? Any certain?

    Reply
  • 22nd November 2020 at 4:18 am
    Permalink

    Thank you for the good writeup. It in fact was a amusement
    account it. Look advanced to more added agreeable from you!

    By thee way, how could we communicate?

    Reply
  • 26th November 2020 at 8:43 am
    Permalink

    Simply dsire to say your article is as astounding.

    The clarity in your post is simply cool and i can assume you’re an ezpert
    on this subject. Well with your permission allow mee
    to grab your RSS feed to keep updated with forthcoming post.
    Thanks a million and please carry onn the rrwarding work.

    Reply
  • 26th November 2020 at 1:01 pm
    Permalink

    This design is steller! You obviously know how
    to keep a reader entertained. Between your wit and your
    videos, I was almost moved to start my own blog (well, almost…HaHa!) Fantastic job.

    I really loved what you had to say, and more than that, how
    you presented it. Too cool!

    Reply
  • 27th November 2020 at 5:10 am
    Permalink

    Have you ever considered creating an ebook or guest authoring
    on other blogs? I have a blog based onn the same information yoou
    discuss and would really like to have you share some stories/information.
    I know mmy audience would enjoy your work. If you’re even remotely interested, feel free
    too send me an email.

    Reply
  • 28th November 2020 at 4:49 am
    Permalink

    I all the time used to study article in news papers but now as I
    am a user of internet thus from now I am using net for
    content, thanks to web.

    Reply
  • 30th November 2020 at 5:31 pm
    Permalink

    You should be a part of a contest for one of the greatest blogs on the internet.
    I am going to recommend this site!

    Reply
  • 3rd December 2020 at 9:02 am
    Permalink

    Wonderful goods from you, man. I have remember your stuff previous
    to and you are simply too fantastic. I actually like what you have obtained right here,
    reall like what you are saying and the best way wherein youu are saying it.
    You make it enjoyable and you stoll care for to sgay it wise.
    I cantt wait to read much more from you. This iis actually a wonderful web site.

    Reply
  • 5th December 2020 at 11:05 am
    Permalink

    Someone necessarily lend a hand to make seriously articles I would state.
    This is the first time I frequented your website page and thus far?
    I surprised with the analysis you made to make this particular submit extraordinary.
    Excellent task!

    Reply
  • 5th December 2020 at 8:40 pm
    Permalink

    Thanks for some other informative site.
    The place else may I am getting that kind of info written in such
    an ideal approach? I’ve a challenge thhat I’m just now operating on, and I’ve
    been on the look out for such info.

    my web site; takeaway in gloucester – Ingrid,

    Reply
  • 6th December 2020 at 8:18 am
    Permalink

    I have learn several just right stuff here. Defunitely prie bookmarking for revisiting.
    I wonder how much attempt you place to make the sort of fantastic
    informative website.

    Reply
  • 8th December 2020 at 5:24 am
    Permalink

    I’m not sure exactly why but this site is loading very slow for me.
    Is anyone else having this problem or is it a problem on my end?
    I’ll check back later on and see if the problem still exists.

    Reply
  • 8th December 2020 at 9:08 am
    Permalink

    Hello everybody, here every one is sharing these kinds of
    experience,so it’s nice to read this blog, and I used to visit thiis web site daily.

    My blog double glazing, Anne,

    Reply
  • 8th December 2020 at 2:39 pm
    Permalink

    Hi! I know this is kinda off topic but I was wondering if you knew where I could locate a
    captcha pluginn for my comment form? I’m using the same blog platform as yours and I’m having difficulty finding one?
    Thanks a lot!

    Here iss my page :: chinese delivery gloucester (Kristan)

    Reply
  • 9th December 2020 at 4:15 pm
    Permalink

    That is very interesting, You’re an overly professional blogger.
    I’ve joined your feed andd look forqard to in quest of extra of your great post.
    Also, I hve shared your web site in my social networks

    my blog post: chinese restaurant near me (Rocco)

    Reply
  • 9th December 2020 at 11:18 pm
    Permalink

    Hello There. I found your blog using msn. This is a really well
    written article. I will make sure to bookmark it and come back to read extra of
    your helpful information. Thank you for the post.
    I’ll certainly return.

    Reply
  • 10th December 2020 at 3:40 pm
    Permalink

    I am really impressed with your writing skills as well as with the
    layout on your weblog. Is this a paid theme or did you modify
    it yourself? Anyway keep up the excellent quality writing, it is rare to
    see a nice blog like this one nowadays.

    Reply
  • 10th December 2020 at 6:48 pm
    Permalink

    I read this paragraph fully regarding the difference of hottest
    and earlier technologies, it’s awesome article.

    Reply
  • Pingback:Google

  • 12th December 2020 at 8:06 pm
    Permalink

    I do not even understand how I stopped up here, however I thought this submit
    was good. I don’t know who you might be however definitely you’re going to a famous blogger for those who are not already.

    Cheers!

    Reply
  • 19th December 2020 at 6:21 pm
    Permalink

    The perfect man is normally the grooms most trustworthy and faithful pal
    or relative. The very best man is normally the grooms most reliable and faithful pal
    or relative. The ushers would be the grooms brothers, cousin, or
    best mates, or brothers and close kin of the bride.
    Responsibilities of the best Man Before the wedding, he – pays for his personal attire, purchased or rented.
    May give the envelope to the officiant before the ceremony.

    Throughout the ceremony, he – will not be a part of the processional but enters with the
    groom, standing behind the groom and slightly to the left.
    After the ceremony, he – immediately serves as one of many witnesses in signing the marriage license.
    On the reception, he – does not stand within the receiving line unless he
    is also the father of the groom. After the reception, he – promptly returns each his and the grooms rented formal
    put on to the appropriate location.

    Reply
  • 24th December 2020 at 7:56 pm
    Permalink

    Great website you have here but I was wondering if you knew of any
    discussion boards that cover the same topics discussed in this article?
    I’d really love to be a part of online community where I
    can get comments from other knowledgeable individuals that share the same
    interest. If you have any recommendations, please let me
    know. Appreciate it!

    Reply
  • 24th December 2020 at 11:28 pm
    Permalink

    Very good post! We will be linking to this particularly great article
    on our website. Keep up the great writing.

    Reply
  • 26th December 2020 at 12:10 am
    Permalink

    What a material of un-ambiguity and preserveness of precious familiarity concerning unexpected emotions.

    Reply
  • 30th December 2020 at 7:35 pm
    Permalink

    Right here is the perfect blog for anyone who wants to find out about this topic.
    You realize so much its almost tough to argue with you (not that I
    personally will need to…HaHa). You certainly put
    a brand new spin on a topic that has been discussed for decades.
    Great stuff, just great!

    Reply
  • 7th January 2021 at 6:32 am
    Permalink

    If you are going for finest contents like me, simply visit
    this website daily for the reason that it presents feature
    contents, thanks

    Reply

Leave a Reply

Your email address will not be published.