An energy expert has raised questions over NERC spending and called for a probe of the regulator’s finances, arguing that the commission demands openness from power companies while keeping its own accounts out of public view. The claims, which the regulator has not responded to, were made in a public statement this week.
What the expert said about NERC spending
Odion Omonfoman, Chief Executive of New Hampshire Capital Limited, accused the Nigerian Electricity Regulatory Commission (NERC) of running what he called a ‘black-box’ internal finance system. He said the commission enforces detailed, open-book reporting on electricity distribution companies under the Electricity Act 2023 but does not apply the same standard to itself.
According to Omonfoman, NERC’s published quarterly and annual reports leave out key numbers, including its internally generated revenue, operational costs, executive pay and final net surpluses. Without those figures, he argued, the public cannot judge whether the regulator’s spending is reasonable or properly accounted for.
A call on the power minister
Omonfoman urged the Minister of Power, Joseph Tegbe, to use his oversight role to direct NERC to publish its audited financial statements for 2023, 2024 and earlier years on its website without further delay. He said full disclosure would settle the questions he has raised and bring the commission in line with the transparency it requires of others.
He pointed out that the versions of the 2023 and 2024 annual reports available for download on NERC’s website do not contain a signed independent auditor’s report. They also lack a statement of financial position, a statement of financial performance, a cash flow statement, accounting policies and the notes that would explain the commission’s revenues, expenses, assets and liabilities.
Why transparency in the power sector matters
NERC sets electricity tariffs, licenses operators and polices the distribution companies that bill millions of Nigerian homes and businesses. Because its decisions feed directly into what consumers pay, calls for the regulator to open its own books touch a sensitive nerve in a sector already under pressure over rising costs and unreliable supply.
Supporters of greater disclosure say a regulator that publishes audited accounts strengthens public trust and makes it easier to defend tariff decisions. They argue that when the body setting the rules is seen to follow them, operators and consumers are more likely to accept its rulings, even unpopular ones.
What happens next
The expert summed up his concern bluntly, saying NERC ‘enforces open-book accounting on operators while keeping its own balance sheet in the dark.’ He maintained that the commission’s internal finances remain a black box to the public it serves.
As of the time of his statement, NERC had not issued a public response to the allegations, and the Ministry of Power had not indicated whether it would act on the call for a probe. The questions add to a wider national conversation about accountability across Nigeria’s troubled electricity industry, where reform promises have often outpaced results.
The Electricity Act 2023 was meant to deepen openness across the sector, handing more powers to states and tightening reporting rules for operators. Critics say the same spirit should apply to the regulators themselves. Whether the minister responds to this particular call or not, the episode highlights a recurring demand from analysts and consumer groups: that every institution shaping electricity bills, from distribution companies to the commission overseeing them, should be ready to show exactly how it raises and spends its money.
