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FG Restructures Ibadan Electricity Distribution Company, Four Others • Says No Service Disruptions During Transition

With the official takeover of Ibadan Electricity Distribution Company, IBEDC by Asset Management Corporation of Nigeria (AMCON), the BPE says it has obtained approval to appoint Kingsley Achife as the interim Managing Director

This followed the latest restructuring of five electricity distribution companies, also known as DISCOs, by the Federal government.

Other affected DISCOs were Kano, Benin, Port Harcourt and Kaduna.

This was contained in a statement signed on Tuesday by the Executive Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba, and Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh.

It explains that the leadership of AMCON will be a placeholder Board for the Ibadan franchise for the meantime, while Mr. Oluwaseyi Akinwale will represent the interest of Government on the Board alongside the DG of BPE.

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It notes that NERC and BPE were working with the Honourable Minister of Power to ensure no service disruptions during these transitions.

“We remain committed to supporting the Nigerian Electricity Supply Industry to serve Nigerians better” It explains

The statement reads in part:

“Today we were informed by Fidelity Bank that they have activated the call on the collateralized shares of Kano, Benin, and Kaduna (Fidelity and AFREXIM) DISCOs and that they have initiated action to take over the Boards of these DISCOs and exercise the rights on the shares.”

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“Fidelity Bank’s action is a contractual and commercial intervention and is between the Core Investors in the DISCOs and the lender. BPE is involved because of the 40% shareholding of Government in the DISCOs.”

“Fidelity Bank has informed us that the new Board members 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)

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“We have also received assurances that Fidelity Bank will participate fully in all the ongoing market initiatives aimed at improving the sector (e.g. National Mass Metering Program)”

“It is envisaged that the majority interest in the entities would be sold to capable private sector investors willing and able to re-capitalize and manage the entities efficiently”

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