NERC Fines TCN N47.6m

By Modupe Gbadeyanka

The Transmission Company of Nigeria (TCN) has been directed to pay N47.6 million as fine for failing to submit 2013 and 2014 audited financial statements.

This order was given by the Nigerian Electricity Regulatory Commission (NERC).

Vanguard reports that 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.