Reps C”ttree Summon CBN, DISCOS over $321m, N18.2b loans for electricity projects

From Lateef Taiwo

The House of Representatives Committee on Public Accounts, PAC, on Thursday summoned the Central Bank of Nigeria CBN, and 11 other Electricity Distribution Companies (DISCOs) over $321 million and N18.2 billion loans for the accelerated transmission distribution interface, lines and substation projects

Chairman of PAC, Hon Bamidele Salam who gave the summon also directed those summoned to appear before his committee unfailingly by November 8.

The Managing Director of the Transmission Company of Nigeria TCN,, Engr Sule Abdulaziz had appeared before the committee.

The Chairman during his welcome remarks had informed that there was a petition against lack of judicious use of the funds, which were paid to the DISCOs by the CBN on prompting of the TCN.

He further explained to the Committee that the funds were paid directly to the DISCOs by the CBN to embark on the various projects which the petitioner said was not judiciously utilized.

Chairman also demanded that the TCN should provide details of disbursement of the loans, procurement process, how many DISCOs were involved, the stage of the projects, and the structure of the repayment of the loans to the beneficiaries of the loan.

“It is the concern of the petitioner that the fund have not been judiciously used and that the project ought to have been delivered by now upon which we caused a letter to be written to the Transmission Company of Nigeria which also sent in a response stating the status report of the project as well as the procedure for the implementation of that loan disbursement and execution of the project by the distribution companies.

Consequently the Committee finally inform: “Our concern is to ensure that all our institutions work well in accordance with the law and in accordance with global best practices and to ensure money is judiciously utilized.”