The Nigerian Electricity Regulatory Commission has slammed a fine of N50 million to the Ibadan Electricity Distribution Company.
The fine was on account of the failure of the company to secure a refund of an interest free loan the board of IBEDC granted to its core investor group.
A statement by NERC Head of Public Affairs Department, Dr. Usman Arabi, said that commission found the company wanting on two grounds of inappropriate financial transactions and was subsequently fined the sum of N50 million.
Arabi said the fine was occasioned by the outcome of an open book review conducted on the financial records of IBEDC. Read more