THE Nigerian Electricity Regulatory Commission (NERC) will guard against the misapplication of the $4.7 billion being proposed for the capitalisation of electricity Distribution Companies (DisCos), its Chairman Prof. James Momoh assured yesterday.

Speaking with The Nation on the telephone, he said that he was yet to receive any letter on the plan to raise the cash, although he expressed support for any measure that will boost power supply.

He promised that the commission will supervise the fund’s disbursement to minimise cost.

Momoh said: “As far as NERC is concerned, we are in support of anything that will improve the power sector. But we have to superintend over it. We will supervise to see the value of that project. The project is to the benefit of Nigerians.

“We will ensure that that project is going to minimise cost. On behalf of the commission, we will ensure that there is no misused of funds. We will make sure that no penny will be spent other than the government allows us to spend. We will make sure that the value of that project is analysed before we endorse it.”