NERC issues new regulations to address non-release of financial results

The Nigerian Electricity Regulatory Commission (NERC) has unveiled a new regulatory policy guidelines to ensure effective monitoring of financial transactions of operators in the Nigeria Energy Supply Industry (NESI).

The new accounting policy know as Uniform System of Accounts (USoA) is coming at a time when all operators in the generation, transmission and distribution arms of the NESI have failed to post their audited financial accounts for the year ended December 31, 2017 barely three months to the end of another financial year.

The introduction of the USoA by NERC may not be unconnected with the ongoing disputes over the poor remittances by the distribution companies (DisCos) who are entrusted with the responsibility of collection of money on behalf of other operators in the market.

According to the new USoA policy, all licensees within the purview of the NERC are expected to file a monthly report detailing its financial transactions on or before the 10th day of the month following which the transactions were recorded in the preceding month.

In addition, all licensees are equally expected to file a quarterly reports on or before the 20th day of the month following which the transactions were recorded in the preceding quarter. Similarly, they are expected to file their annual financial reports on or before the 30th of April of the succeeding year.

Source: Leadership

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