• Home
  • News
  • Politics
  • Business
  • Entertainment
  • Education
  • Health
  • Opinion
  • Sports
  • About
  • Advertise
  • Privacy Policy
Saturday, August 2, 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

PICTORIAL: Kenya Exports 50 Special Dairy Cows To Nigeria

Utomi Decries Professors’ Pay, Says Power Bills Eat Up Salaries

China Vows full Zero-tariff Support for Nigerian Exports

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.

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

ALSO READ:  Trump plans 25% tariffs on steel, aluminum imports

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

PICTORIAL: Kenya Exports 50 Special Dairy Cows To Nigeria

PICTORIAL: Kenya Exports 50 Special Dairy Cows To Nigeria

by Nathaniel Irobi
August 1, 2025
0

Kenya’s Uasin Gishu County has successfully exported 50 high-performing dairy cows to Lagos State, Nigeria, marking a new chapter in...

Utomi Decries Professors’ Pay, Says Power Bills Eat Up Salaries

Utomi Decries Professors’ Pay, Says Power Bills Eat Up Salaries

by Ojimaojo Abubakar
August 1, 2025
0

Professor Pat Utomi, a respected economist and political commentator, has expressed deep concern over the poor remuneration of Nigerian university...

China Vows full Zero-tariff Support for Nigerian Exports

China Vows full Zero-tariff Support for Nigerian Exports

by Nathaniel Irobi
August 1, 2025
0

China has expressed its readiness to work closely with Nigeria to sign the agreement on economic partnership for shared development...

Recommended

Benue: Alia appoints Aber, new SSG

Alia Dissolves Cabinet, Sacks Commissioners, Others

2 days ago
Remi Tinubu Donates N1 billion to Victims of Benue Attacks

Remi Tinubu Donates N1 billion to Victims of Benue Attacks

3 days ago

Popular News

  • Kaduna Baptist Church Donates N50,000 Each To 12 Muslims, 4 Retired Pastors

    Kaduna Baptist Church Donates N50,000 Each To 12 Muslims, 4 Retired Pastors

    0 shares
    Share 0 Tweet 0
  • Cross River State Triumphs at Prestigious All-women Interstate Debate

    0 shares
    Share 0 Tweet 0
  • BRGIE Acting Prime Minister Provides Explosive Testimony to U.S. Congress Calling For Release of Mazi Nnamdi Kanu & Simon Ekpa

    0 shares
    Share 0 Tweet 0
  • Haske: The Rise Of A New Movement

    0 shares
    Share 0 Tweet 0
  • Intrigues and Political Uncertainty over 2027 APC Governorship Candidate for Taraba 

    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 (755)
  • Education (220)
  • Entertainment (311)
  • Health (198)
  • National (2,256)
  • News (8,370)
  • Opinion (309)
  • Politics (1,655)
  • Science (15)
  • Security (406)
  • Sports (453)

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