NERC suspends Ibadan DisCo board over unrecovered loan balance
The Nigerian Electricity Regulatory Commission has suspended the Board of Directors and key management staff of Ibadan Electricity Distribution Company over a N5.7 billion loan balance default.
NERC suspended them on account of the company’s default in the recovery of an inappropriate shareholder loan of N6billion granted to Integrated Energy Distribution and Marketing Group Ltd, the core investor in IBEDC, by the utility.
The loan was granted by IBEDC from funds released to all DisCos by the CBN under the Nigeria Electricity Market Stabilisation Funds for the purpose of improving the networks and reducing aggregate technical, commercial and collection losses.
Source: The Nation