This was contained in a statement jointly signed 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.
According to them, the affected companies are: Kano
Electricity Distribution Company (KEDCO), Ibadan Electricity Distribution
Company (IBEDC), Benin Electricity Distribution Company (BEDC), Kaduna
Electric, and Port Harcourt Electricity Distribution Company (PHED).
Garba and Okoh explained that the announcement followed
Fidelity Bank’s activation of the call on the collaterised shares of KEDCO,
BDEC, and Kaduna Electric over their inability to repay loans obtained to pay
for assets acquired in the 2013 privatisation exercise.
They added that the Asset Management Corporation of Nigeria
(AMCON) would be a placeholder board for IBEDC in a temporary capacity while
the PHED undergoes restructuring to prevent its imminent insolvency.
The NREC and BPE chiefs said the new boards for the affected
discos have been approved and the bureau was collaborating with the Central
Bank of Nigeria (CBN) and the Ministry of Power to ensure no service
disruptions during the transition.
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