NERC'S SUSPENSION ORDER- OUR RESPONSE
We say so for the following reasons:
1. Firstly, as NERC rightly observed in its Order, IBEDC complied with the payments of the fine and interest on the pre-takeover expenses as imposed by the Regulatory Authority
2. Secondly, NERC and IBEDC reached an understanding in respect of the N5.7billion outstanding due for payment by Integrated Energy Distribution & Marketing Limited (IEDM). The two parties reached an understanding that the repayment of the 5.7billion plus interests would be made from the refund of the sum due from the federal government on the stalled Yola Electricity Distribution Company transaction. This position was to the knowledge of the Bureau of Public Enterprises, BPE.
3. The understanding from BPE, which was conveyed to NERC was that the refund which had been due to IEDM as far back as 2015, could only be made after the 2018 Appropriation Bill is signed into Law.
4. To demonstrate commitment and good intention, IEDM reached an understanding with NERC to pay N150million monthly to IBEDC beginning from January 2018, while awaiting the refund from BPE in respect of Yola transaction.
5. It is true, as NERC claimed, that as at 20 April 2018, the payment for January February and an additional N130million had been effected.
6. More importantly, however, is the fact that as at Thursday, 14th June 2018, IEDM had made all outstanding payment up till May 2018, in respect of the monthly N150million commitment.
It is for this reason that the Board of IBEDC is at a loss over this seemingly hasty decision to suspend the directors who had not only demonstrated willingness and commitment to fulfilling its financial obligations to IBEDC, but have collectively shown dedication to the cause of the company.
It is our hope that NERC will take a second look at the issue in contention and reverse this decision in the interest of all the stakeholders and the nation.