The House of Representatives Ad hoc Committee probing Nigeria’s power sector reforms and financial expenditures from 2007 to 2024 has mandated the Central Bank of Nigeria (CBN), the Transmission Company of Nigeria (TCN), and SEPLAT Gas Company to provide exhaustive documentation relating to their agreements, payment frameworks, and financial dealings on or before Tuesday, December 9, 2025.
The directive was issued on Tuesday by the committee’s Chairman, Hon. Arch. Ibrahim Almustapha Aliyu, during the continuation of its investigative hearing at the National Assembly in Abuja.
Aliyu identified the three institutions as pivotal to the country’s electricity value chain, stressing that full transparency on loan beneficiaries, operational processes, and inter-agency commitments is crucial for the committee to develop sound recommendations for the House aimed at strengthening the sector.
He reiterated that an in-depth reassessment of earlier reforms was necessary, arguing that the privatisation of the power sector had fallen short of delivering the expected improvements to Nigerians.
The lawmaker insisted that every agency invited to appear before the panel must furnish complete financial records and submit any supplementary documents that may be required to aid the investigation.
Appearing on behalf of the CBN’s Development Finance Department, Deputy Director Abdulrahman Hasan told the lawmakers that the apex bank had discharged its intervention responsibilities by extending credit to multiple companies involved in power generation and distribution. He noted that the interventions were carried out in stages, including Phase I and Phase II.
Supporting the presentation, another official from the department, Huseni Idris, explained that the loans were structured with a 10-year repayment plan. He said many of the beneficiaries had demonstrated reasonable repayment performance despite the systemic challenges confronting the sector.
Idris disclosed that the Yola Electricity Distribution Company had been granted a three-year extension due to the severe security issues affecting its service areas.
He assured the committee that comprehensive details of all loan agreements, disbursements to transmission and distribution companies, and supporting documents would be submitted at the next hearing. He also outlined the CBN’s pre-monitoring and post-monitoring mechanisms designed to ensure proper loan utilisation and project execution.
Representing TCN, Ajiboye Oluwagbenga requested an additional one week to finalise and present the required documents, citing persistent sector-wide challenges in power generation, transmission, and distribution.
The panel acknowledged the request and said a decision would be taken at the next sitting.
Similarly, SEPLAT Gas Company’s representative, James Makinde, appealed for the committee’s understanding and legislative backing, revealing that the company is currently under significant financial strain while striving to maintain gas supply nationwide.
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