• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Monday, July 21, 2025
  • Login
No Result
View All Result
NEWSLETTER
Elanza News
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
No Result
View All Result
Elanza News
Home News

CBN, DISCOs, And Contractors Summoned By Reps Over Alleged $321m And N18.2 Billion Mismanagement

Tambaya Julius by Tambaya Julius
November 3, 2023
in News
0
CBN, DISCOs, And Contractors Summoned By Reps Over Alleged $321m And N18.2 Billion Mismanagement
0
SHARES
9
VIEWS
FacebookTwitterWhatsappEmailTelegram

The House of Representatives Public Accounts Committee has summoned the Central Bank of Nigeria (CBN) and 11 Electricity Distribution Companies (DISCOs) in connection with alleged mismanagement of the US$321 million and N18.2 billion loans.

The House of Representatives Public Accounts Committee has taken action against the alleged mismanagement of significant loans designated for accelerating critical transmission and distribution projects in Nigeria.

RelatedPosts

Yahaya Bello Denied Passport Release for Medical Treatment Due to Unsigned Report

Court Grants 2 CBEX Promoters N10 million Bail Each as EFCC Arraigns Another Suspect

Military Aircraft Crashes into Dhaka School, Claiming 19 Lives

This article delves into the details surrounding this investigation, the role of the CBN, DISCOs, and contractors, and the concerns raised regarding loan repayment.

Chairman of the Committee, Rep. Bamidele Salam, issued the summons during the appearance of Engr. Sule Abdulaziz, Managing Director of the Transmission Company of Nigeria (TCN), before the committee in Abuja on Thursday.

The entities involved have been asked to appear before the committee on November 8.

The investigation was prompted by a petition highlighting the alleged misuse of funds that had been disbursed to the DISCOs by the CBN at the request of the TCN.

Rep. Salam has demanded detailed information regarding the loan disbursements, procurement processes, the involvement of DISCOs in the projects, the current status of the projects, and the loan repayment structure from the beneficiaries.

Chairman Salam emphasized the importance of ensuring that public institutions adhere to the law and international best practices while ensuring the judicious utilization of funds.

ALSO READ:  Emefiele: Court fixes Jan. 7 for ruling on jurisdiction

However, the repayment arrangement, which involves the TCN’s revenue, has raised concerns within the committee.

According to Abdulaziz, there was a gap in the electricity sector, leading to complaints from distribution companies about the inadequate supply from TCN.

Consequently, the need arose to invest in critical projects to enhance the distribution of electricity to Nigerians.

He explained that financial institutions and regulatory bodies, such as CBN and NERC, were involved in the financing and oversight of these projects.

The TCN played a beneficiary role, while the DISCOs were responsible for executing the projects.

Abdulaziz added that loan repayments were intended to come from TCN’s revenue, amortized on a monthly basis.

The concerns surrounding this repayment arrangement will be addressed in the upcoming committee hearing on November 8.

Tags: CBNDISCOsLoan Repayment
Tambaya Julius

Tambaya Julius

Julius is a journalist, a BSc Holder in Mass Communication.

Related Posts

Yahaya Bello: Court fixes Nov 14 for response to summons, arraignment

Yahaya Bello Denied Passport Release for Medical Treatment Due to Unsigned Report

by Nathaniel Irobi
July 21, 2025
0

On Monday, the Abuja Division of the Federal High Court rejected former Governor Yahaya Bello's plea to have his passport...

Court Grants 2 CBEX Promoters N10 million Bail Each as EFCC Arraigns Another Suspect

Court Grants 2 CBEX Promoters N10 million Bail Each as EFCC Arraigns Another Suspect

by Nathaniel Irobi
July 21, 2025
0

The Federal High Court in Abuja has granted a bail to two of the detained Crypto Bridge Exchange (CBEX)’s promoters...

Military Aircraft Crashes into Dhaka School, Claiming 19 Lives

Military Aircraft Crashes into Dhaka School, Claiming 19 Lives

by Nathaniel Irobi
July 21, 2025
0

A military aircraft tragically collided with a school in Dhaka, Bangladesh, on Monday, resulting in the deaths of at least...

Recommended

NAHCON Wastes N8 billion on ‘Contingency Makkah Houses,’ Faces Threats in S/Arabia over N12.9 billion Debt

NAHCON Wastes N8 billion on ‘Contingency Makkah Houses,’ Faces Threats in S/Arabia over N12.9 billion Debt

2 days ago
Ex-Kagarko LG Chairman Hails Reps Amos, Zock over Constituency Strides

Ex-Kagarko LG Chairman Hails Reps Amos, Zock over Constituency Strides

2 days ago

Popular News

  • CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    CDS’s Wife, Shehu Sani, Katung, Other’s To Storm Pastor Mutum’s Ordination, Book Launch

    0 shares
    Share 0 Tweet 0
  • Bwari Council Chairmanship Aspirant, Dara, Dumps Labour Party Over Suspected Foul Play In Primaries

    0 shares
    Share 0 Tweet 0
  • Innoson, Ibeto, Apostle Alozie To Honour Archbishop Emma David At Golden Jubilee Celebration

    0 shares
    Share 0 Tweet 0
  • Kaduna Baptist Church Donates N50,000 Each To 12 Muslims, 4 Retired Pastors

    0 shares
    Share 0 Tweet 0
  • Bannon Tried to Use Iran Strike to Split the GOP Says Former Counselor to Jared Kushner, Eliyahu Okkon, Esq.

    0 shares
    Share 0 Tweet 0

Connect with us

Facebook Instagram Twitter Youtube
Elanza logo

Elanza News is your NO 1 online platform for all news update.
#SayNoToFakeNews
Contact Us

Category

  • Arts & Literature (25)
  • Business (745)
  • Education (217)
  • Entertainment (311)
  • Health (194)
  • National (2,206)
  • News (8,263)
  • Opinion (306)
  • Politics (1,634)
  • Science (15)
  • Security (406)
  • Sports (443)

Newsletter

© 2023 Elanza News - The No 1 online news platform

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Politics
  • Business
  • Science
  • National
  • Entertainment
  • Sports
  • Health

© 2023 Elanza News - The No 1 online news platform