By Chris Ochayi

ABUJA—Nigerian Electricity Regulatory Commission, NERC, has asked the Transmission Company of Nigeria, TCN, to pay N47, 670,000 as fine over its failure to submit 2013 and 2014 audited financial statements.

The TCN, according to the regulatory agency, has up to two weeks to pay the fine, beginning from December 2, 2016, when the directive was signed. The fine attracts five percent interest daily after the due date.

The document to this effect, with reference number NERC/Directive/160, was signed by the acting Chairman, Dr. Anthony Akah, and General Manager, Legal, Licensing and Enforcement, Mrs Olufunke Dinneh, respectively.

Providing justification for the sanction, NERC said TCN, for failure to submit audited financial report, violated “Section 63 (1) of the Electric Power Sector Reform Act, 2005 that stipulates “A licensee shall comply with the provisions of its license, regulations, codes and other requirements issued by NERC from time to time.”

Other infractions as contained in Directive 160 include Condition 4 and 5 of TCN’s Transmission Licence. Condition 4 stipulates that “Licensee shall furnish to the Commission information, in such a manner and at such times as the Commission may require” at the time and format as may be required by the Commission to perform its regulatory functions.

Condition 5 of TCN’s licence further directs it to submit audited financial reports to the Commission as detailed in its Transmission Licence.

‘’Consequently, TCN is liable to N10, 000. 00 fine daily on each of the three grounds of infractions beginning from April 1, 2014, for failure to submit 2013 audited financial report and April 1, 2015 for 2014 audited finan