NERC insists IBEDC mgt, board remain suspended over unauthorised loan

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The Nigerian Electricity Regulatory Commission (NERC) still insists that the board and management of the Ibadan Electricity Distribution Company (IBEDC) remain suspended for giving an unauthorised loan of N6 billion to its core investor.

Industry sources yesterday said NERC refused to cancel the suspension order as requested by the Bureau of Public Enterprises (BPE). Ibadan DisCo got a court injunction on maintaining the status quo.

The development of seeking injunction against NERC did not augur well with the Minister of Power, Works and Housing, Mr Babatunde Fashola, it was gathered. At a briefing last Monday, Fashola alluded to that, saying DisCos go to court to seek injunction against a regulator that was performing its statutory function and that as a matter of principle, the courts should not honour such.

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