Sam Amadi, NERC Chairman
Licensed electricity companies are likely to get an independent director, following the failure of electricity metering scheme in the country.
Chairman, Nigeria Electricity Regulatory Commission (NERC), Dr. Sam Amadi, who confirmed the development, said an independent director would be somebody who has no equity and interest in the company.
Amadi who admitted the failure of the metering system, said NERC had a plan B, which would be announced next year.
He explained that the commission was not going to allow “the family business” syndrome that crumbled the banking industry to repeat itself in the electricity sector.
According to him, executive board members would be subject to tenure of five years, renewable twice.
“Electricity is a sector with long gestation of projects so we should have executives and management with longer period in office to drive the investment plans,” Amadi said.
On the six-month minor review of the Multi-Year Tariff Order (MYTO), Amadi said, the commission left the tariff unchanged because there was no change in the pointers that would have brought about modification of the tariff.
He said the commission would review tariffs early next year following complaints of the Small and Medium Enterprises (SMEs).
He said the committee, which was set up for the purpose had almost concluded its job and that by first or second week of next year, the committee would have rounded off.