Energy Expert Calls for Probe into NERC's Finances

Energy expert Mr. Odion Omonfoman has accused the Nigerian Electricity Regulatory Commission (NERC) of operating a "black box" financial system, lacking transparency in its financial dealings.

He has called for an investigation into NERC's spending and urged the Minister of Power, Mr. Joseph Tegbe, to oversee the commission's compliance with the Electricity Act 2023.

Omonfoman highlighted that NERC should publish its corporate audit financial statements for 2023 and 2024 on its public website. He pointed out that NERC's quarterly and annual reports do not include critical financial data, such as internal generated revenue, operational costs, and net surplus.

Omonfoman referred to Section 53 of the Electricity Act 2023, which mandates NERC to publish performance indicators and financial data for public scrutiny. He criticized NERC for not adhering to its own regulations and for failing to provide accessible financial statements, which he described as a significant gap in the Nigerian electricity supply industry.