The House of Representative has commenced investigation
Investigation into the suspension of board of Ibadan Electricity Distribution Company (IBEDC) by the Nigerian Electricity Regulatory Commission, NERC.
Addressing participants on Wednesday July 25 in Abuja at the National Assembly complex, Speaker House of Representatives, Yakubu Dogara, said while NERC claimed it acted in public interest, there is possibility the institution might not have carried out its action “in the spirit of the law.”
He said: “This investigative hearing is in line with the House resolution, following a motion before the House alleging unlawful act against IBEC by the Nigerian Electricity Regulatory Commission.
“Let me reiterate the fact that the electricity sector provides a prime position on the economy of the country and the wellbeing of our people.
“Globally, electricity is the bedrock on which sustainable economy is built, it is the singular infrastructure that can produce the most sustainable poverty alleviation. This is why the House of Representatives has continued to take necessary legislative actions to facilitate the achievement of stable electricity supply to all parts of the country for both domestic and industrial use…
“The motion that gave rise to this investigative hearing alleged that NERC issued a fiat unilaterally suspending the board of IBEDC for non-compliance with payment terms of the investors commitment.
“In view of the complex and intricate nature of the Nigerian Electricity Supply Industry, there is the possibility that NERC has acted in the interest of the industry as it claimed.
“However, this may not be in compliance with the spirit and letters of the law. There is also a genuine concern regulatory, best practices may have been compromised or violated in the process.”