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, as well as the SEPLAST Gas Company to submit documents detailing their agreement, mode of payment and general transactions latest next Tuesday.
Chairman of the committee, Hon. Ibrahim Almustapha Aliyu gave the directive at the resumed hearing at the National Assembly.
He informed that CBN, TCN as well as the Seplast Gas Company are key stakeholders in power sector reforms noting that documents from the above agencies regarding their methods of operations, those who collected loans as well as detailed agreements among parties involved will assist his panel to make an informed recommendation to the house.
The chairman emphasised the need for a holistic assessment of the whole power reform in the country alleging that the privatisation process has not worked for the county.
He insisted that all agencies that appear before it must ensure that all the financial documents and additional details requested are provided.
In his presentation Deputy Director, Development Finance Department of CBN, Abdulrahman Hassan told the lawmakers that his agency as a regulator of banks had fulfilled its mandate of ensuring effective power reform in Nigeria by giving loans to different companies in order to enable them provide power.
He said, the projects were executed in phases such as save 1, save 2 among others.
Also speaking, Husseini Idris, another representative of CBN, informed that all the intervention projects had a 10- year period, claiming that all the companies that collected loans had done wonderfully well even as he informed the lawmakers that the power sector in Nigeria has a very huge challenge.
According to the CBN, the Yola Disco company, which also benefited from the loan had serious security challenges, hence an extension of three year period to enable them succeed.
While responding to questions by the committee on terms and agreement as well as how much transmission and distribution companylies received, Idris promised to furnished the panel with all information and documents in the next adjourned date.
In their presentation, the Transmission Company of Nigeria, TCN, representative, Ajiboye Oluwagbenga pleaded with the panel for a one week extension to enable him provide details information to the lawmakers.
Making his presentation, Conclusively, the SEPLAST Gas Company Representative, James Makinde solicited for legislative assistance from the panel noting that his company is facing several financial challenges across the county for the purpose of providing gas.