The Central Financial institution of Nigeria (CBN) has directed Deposit Cash Banks (DMB) to supply financial institution gurantees to Nigeria Bulk Electrical energy Buying and selling (NBET) and Transmission Firm of Nigeria (TCN) on behalf of Distribution Corporations (DISCos).
The CBN gave the directive in a letter written to DMBs obtained by the Information Company of Nigeria in Abuja on Tuesday.
The financial institution defined that the DMBs would take full accountability for the gathering of the involved DISCos and the remittances of the DISCos to each NBET and TCN.
For the avoidance of doubt, no DMB is permitted to open or proceed to take care of a group account for a DISCo with out the categorical no-objection of the DMB that gurantee its publicity to NBET or TCN.
The cost or settlement of all Nigerian Electrical energy Provide Trade (NESI) associated items or providers shall be made by way of the Nigerian Banking System.
Consequently, all collections for the funds of NESI regulated items and providers offered by a DISCo shall be paid into a chosen account such that assortment arrising from providers rendered by the DISCo shall be paid into an account within the so title of the DISCo.
Additionally, collections arising from the providers rendered by a 3rd social gathering or events on behalf of the DISCo shall be paid into an account within the joint title of the DISCo and the third social gathering distributors.
All power and non power collections of DISCos whether or not money or cashless shall solely be carried out by DMBs, the letter defined.
Edited By: Wale Ojetimi (NAN)