Power Probe: Reps Order CBN, TCN, Seplat To Submit Documents

The House of Representatives Ad hoc Committee investigating Nigeria’s power sector reforms and expenditure from 2007 to 2024 has directed the Central Bank of Nigeria (CBN), the Transmission Company of Nigeria (TCN), and Seplat Gas Company to submit documents detailing their agreements, modes of payment, and general transactions on or before next Tuesday.

Chairman of the committee, Ibrahim Almustapha Aliyu, issued the directive at the resumed hearing at the National Assembly.

He noted that the CBN, TCN, and Seplat are key stakeholders in the nation’s power sector reforms, adding that documents from these organisations, particularly on their operational methods, beneficiaries of loans, and detailed agreements would help the panel make informed recommendations to the House.

The chairman stressed the need for a holistic assessment of the entire power sector reform process, alleging that the privatisation exercise has not worked for the country.

He insisted that all agencies appearing before the committee must provide the financial documents and additional details requested.

During his presentation, Deputy Director of the Development Finance Department at the CBN, Abdulrahman Hassan, told lawmakers that the apex bank had fulfilled its mandate as a regulator by providing loans to various companies to enable them improve power supply.

He explained that the intervention projects were executed in phases, including Phase 1 and Phase 2.

Also speaking, another CBN representative, Husseini Idris, said all intervention projects had a 10-year tenure and claimed that the beneficiary companies had performed “wonderfully well,” despite the huge challenges facing Nigeria’s power sector.

According to Idris, Yola Disco, which also benefitted from the loan faced serious security challenges, prompting a three-year extension to support its operations.

Responding to questions on the terms of the agreements and the amounts received by transmission and distribution companies, Idris promised to furnish the panel with all relevant documents at the next hearing.

In his own presentation, TCN representative Ajiboye Oluwagbenga requested a one-week extension to enable the agency provide comprehensive information to the committee.

Concluding the presentations, Seplat Gas Company representative James Makinde appealed to the lawmakers for legislative support, noting that the company was facing numerous financial challenges in its efforts to supply gas across the country.