NERC to carry out forensic audit of troubled DisCos
The Nigerian Electricity Regulatory Commission (NERC) is finalising plans to commence a forensic audit of Nigeria’s eleven distribution companies to discover the true state of the assets and their commercial viability.
In remarks made at the BusinessDay Future of Energy Conference held in Lagos today, the commission’s Vice Chairman, James Momoh through a representative said the plan is conduct an open book review of the DisCos.
The process will also include a study of the revenue management of the DisCos who settle as little of 15 percent of their market invoice. The audit will seek to determine what is the basic revenue baseline and the minimum they are allowed to remit and develop appropriate basis for appropriation and disbursement of market funds.
The commission is also setting up an Information Technology system that will monitor revenue collection real time and also show how money is spent.
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