Reps Panel Orders CBN, TCN, SEPLAT To Submit Full Power Sector Records By Dec 9

ABUJA – The House of Representatives Ad hoc Committee investigating Nigeria’s power sector reforms and expenditures from 2007 to 2024 has directed the Central Bank of Nigeria (CBN), the Transmission Company of Nigeria (TCN), and SEPLAT Gas Company to submit comprehensive documents detailing their agreements, payment methods, and financial transactions on or before Tuesday, December 9, 2025.

Chairman of the committee, Hon. Arch. Ibrahim Almustapha Aliyu, issued the order during a resumed investigative hearing at the National Assembly in Abuja, on Tuesday.

Aliyu described the three organisations as critical stakeholders in Nigeria’s power sector, noting that full disclosure of loan beneficiaries, operational procedures, and inter-agency agreements would help the panel prepare credible recommendations to the House for improved sector performance.

Reiterating the need for a thorough review of past reforms, he argued that the privatisation of the power sector had failed to deliver the expected benefits to Nigerians.

He emphasised that all agencies appearing before the panel must provide complete financial records and any additional documents requested to support the investigation.

During his presentation, Deputy Director at the CBN’s Development Finance Department, Abdulrahman Hasan, said the apex bank had fulfilled its regulatory and intervention roles by providing loans to several companies to support power generation and distribution. He explained that the intervention programmes were implemented in phases, including Phase I and Phase II.

Another official from the department, Huseni Idris, added that the interventions were structured over a 10-year period. He noted that most loan recipients had performed creditably despite the broader challenges facing the nation’s power sector.

He pointed out that the Yola Electricity Distribution Company had faced severe security challenges, prompting a three-year extension on its loan repayment schedule.

Idris assured the committee that detailed breakdowns of the loan terms, agreements, and total disbursements to transmission and distribution companies would be submitted at the next sitting. He also highlighted the CBN’s pre-monitoring and post-monitoring frameworks for tracking loan utilisation and project execution.

Representing TCN, Ajiboye Oluwagbenga requested a one-week extension to compile and submit the required documents, citing ongoing challenges in power generation, distribution, and transmission.

The committee acknowledged the request and said it would consider it at the next adjourned session.

In his remarks, SEPLAT Gas Company’s representative, James Makinde, appealed for legislative support, disclosing that the company is currently grappling with severe financial pressures while trying to supply gas across the country.