FG Announces Restructuring Of Five Electricity Distribution Companies

RESTRUCTURING OF KANO, BENIN, KADUNA, IBADAN, AND PORT HARCOURT DISCOs

This present day we believe been advised by Fidelity Bank that they’ve activated the call on the collateralized shares of Kano, Benin, and Kaduna (Fidelity and AFREXIM) DISCOs and that they’ve initiated action to take dangle of over the Boards of these DISCOs and exercise the rights on the shares.

Fidelity Bank’s action is a contractual and business intervention and is between the Core Merchants within the DISCOs and the lender. BPE is involved thanks to the 40% shareholding of Authorities within the DISCOs. Fidelity Bank has advised us that the brand new Board individuals of the affected DISCOs will be as follows:

–              Kano DISCO: Hasan Tukur (Chairman), Nelson Ahaneku (Member), Engr. Rabiu Suleiman (Member)

–              Benin DISCO: KC Akuma (Chairman), Adeola Ijose (Member), Charles Onwera (Member)

–              Kaduna DISCO: Abbas Jega (Chairman), Ameenu Abubakar (Member), Marlene Ngoyi (Member)

BPE has nominated Bashir Gwandu (Kano), Yomi Adeyemi (Benin), and Umar Abdullahi (Kaduna) as self sustaining Directors to indicate Authorities’s 40% hobby within the three DISCOs respectively, within the future of this transition.

We are partaking with the Central Bank of Nigeria (because the banking sector regulator) to be obvious an ravishing transition and to rep particular Fidelity Bank would now not protect the DISCOs’ shares in perpetuity.

It is envisaged that most hobby within the entities would possibly well be sold to expedient deepest sector shoppers willing and prepared to re-capitalize and arrange the entities effectively.

We believe moreover obtained assurances that Fidelity Bank will participate entirely within the entire ongoing market initiatives aimed at bettering the sector (e.g. National Mass Metering Program).

Within the period in-between, NERC and BPE met on an Emergency Foundation and activated the Industry Continuity Task and believe appointed period in-between Managing Directors within the affected DISCOs.

1. Kano Disco – Ahmad Dangana
2. Benin Disco – Henry Ajagbawa

iii.            Kaduna Disco– Yusuf Usman Yahaya

Furthermore, with the takeover of Ibadan DISCO by AMCON, the BPE has obtained approval from NERC to appoint Kingsley Achife because the period in-between Managing Director.

In a non permanent skill the leadership of AMCON will be a placeholder Board for the Ibadan franchise (Ahmed Kuru – Chair, Eberechukwu Uneze – Member, Aminu Ismail – Member). Oluwaseyi Akinwale will signify the hobby of Authorities on the Board alongside the DG of BPE.

Lastly, we are re-structuring the Management and Board of Port Harcourt DISCO to conclude the drawing shut insolvency of the entity.

As a situation for red meat as much as the entity to meet its market duties, Iboroma Akpana will take dangle of over because the Chairman of the Board. Emmanuel Okotete, Eyo Ekpo, Ismaila Shuaibu and the DG of BPE will procure the period in-between Board. Mr. Benson Uwheru will take dangle of over because the Managing Director of PHEDC as a part of the adjustments.

Authorities will red meat up the activation of Emergency funds via the Nigerian Electrical energy Market Stabilization Facility to red meat up the entity whereas it goes via restructuring and repositioning to assist the electorate of the franchise intention better.

We are working with the Honourable Minister of Energy to be obvious no provider disruptions within the future of these transitions. We live dedicated to supporting the Nigerian Electrical energy Offer Industry to assist Nigerians better.

Sanusi Garba      Alex A. Okoh

EXECUTIVE CHAIRMAN NERC      DIRECTOR GENERAL, BPE