ADVERTISEMENT
  • Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, September 20, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

$321m, N18.2bn Loans: Lawmakers Summon CBN, Electricity Distribution Companies, Others

by James Kwen
2 years ago
in Business
cbn
Share on WhatsAppShare on FacebookShare on XTelegram

The House of Representatives has summoned the Central Bank of Nigeria (CBN), 11 electricity distribution companies (DisCos) and contractors over $321 million and N18.2 billion loans for the accelerated electricity transmission distribution interface, lines and substation projects

Advertisement

The chairman, House Committee on Public Accounts, Hon. Bamidele Salam issued the summons when the managing director of the Transmission Company of Nigeria (TCN), Engr Sule Abdulaziz appeared before the Committee on Thursday.

Salam who insisted that those invited to appear next week Wednesday, said a petition was received on the lack of judicious use of the funds, which were paid to the DISCOs by the CBN on prompting of the TCN.

The TCN Boss, Abdulaziz who told the Committee that the funds were paid directly to the DISCOs by the CBN to embark on the various projects, said the repayment of the loans was from the revenue of the company.

But chairman of the Committee, demanded that the TCN should provide details of disbursement of the loans, procurement process, how many DISCOs were involved, the stage of the projects, and the structure of the repayment of the loans to the beneficiaries of the loan.

Related News

All On Invests $1.5m To Advance E-waste Recycling In Nigeria

9 hours ago

Foreign, Domestic Investors’ NGX Trade Declines To N908bn In August

12 hours ago

Salam said: “Sometime in 2021 the then president Muhammadu Buhari granted that certain funds be made available for the purpose of enhancing the capacity of our transmission and distribution lines to be able to have a more robust power sector intervention and these funds were made available for certain projects to the distribution companies.

“It is the concern of the petitioner that the fund have not been judiciously used and that the project ought to have been delivered by now upon which we caused a letter to be written to the Transmission Company of Nigeria which also sent in a response stating the status report of the project as well as the procedure for the implementation of that loan disbursement and execution of the project by the distribution companies.

“Our concern is to ensure that all our institutions work well in accordance with the law and in accordance with global best practices and to ensure money is judiciously utilised.”

Responding, Abdulaziz said there was a gap in the electricity sector and the distribution companies were complaining that the TCN was not giving them supply.

He said there was a need to invest in some projects so that the distribution companies would be able to distribute light to Nigerians.

“But it was observed that TCN does not have that amount to do those projects, so the FGd involved the CBN as the people to finance the projects.

“NERC being the regulator now is the one leading the exercise. TCN is just a beneficiary of the project. It is signed by the DISCOs. In TCN there is a Project Monitoring Office that was set up to do this procurement,” Abdulaziz said.

 

Join Our WhatsApp Channel

Tags: CBN
SendShare10170Tweet6357Share

Other News Updates

Business

All On Invests $1.5m To Advance E-waste Recycling In Nigeria

2025/09/20
Business

Foreign, Domestic Investors’ NGX Trade Declines To N908bn In August

2025/09/20
Business

Right Violations: NCAA Threatens Sanction On Qatar Airways, Others

2025/09/20
Business

Airtel Africa’s AI System Flags 205m Spam SMS Across 13 Markets

2025/09/20
Business

Inter-country African Continent Trade Possible With Collaboration – NCDMB

2025/09/20
Business

NB Plc Appoints Karaseva, Duverdier As Finance Director, Non-Executive Director

2025/09/20
Leadership Conference advertisement

LATEST

Kwara Governor Appoints Popoola As CMD Of Thomas Adewumi Varsity Teaching Hospital

Janet Umoru’s Inspiring Journey Begins From Steer Hawker To CEO

Taraba Records 46 Lassa Fever Deaths In 1 Year — WHO

JUST-IN: 2 Die, 4 Injured As Explosion Rocks DICON Factory In Kaduna

Tinubu, Atiku, Kwankwaso For Ladoja’s Coronation As 44th Olubadan

Minimum Wage: LAUTECH Hospital Nurses, Midwives Begin Strike

Liverpool Defeat Everton 2-1 In Merseyside Derby

Navy Deploys Gunboats In Rivers’ Creeks To Combat Criminalities

Kidnappers Kill Catholic Priest In Enugu

Deputy Speaker Kalu Hails First Lady At 65

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
    • Football
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
    • Columns
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.