The Bureau of Public Enterprises (BPE) has named Mr. Bada Akinwumi as Interim Managing Director (MD) of the Abuja Electricity Distribution Company (AEDC) Plc.
Other members of the Interim Management named this evening were: Sani Usman- Interim Chief Business Officer; Babajide Ibironke, Interim Chief Finance Officer; Donald Etim, Interim Chief Marketing Officer; and Femi Zachaeus, Interim Chief Technical Officer.
The appointment was contained in a statement by Amina Tukur Othman, Head, Public Communications of the BPE.
The development is the latest in the re-organisation taking place at the power utility company after several months of in-fighting reached a tipping point on Monday December 6, throwing all the states in the company's franchise area into a 14-hour blackout.
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Intervention by the Federal Government resulted in a restoration of power supply as well as resolution transferring controlling shares of the utility to the United Bank of Africa.
In a statement on Wednesday, Minister of Power, Mr Abubakar Aliyu, explained that “the ministry wishes to notify all stakeholders that the AEDC has, of recent, been facing significant operational challenges arising from a dispute between the core investors (KANN consortium) as owners of 60 per cent equity in AEDC and the United Bank for Africa (UBA) as lenders for the acquisition for the majority shareholding in the public utility.
"The situation has currently deteriorated due to lack of access to intervention finances leading to a point whereby legitimate entitlements of the staff are being owed thus leading to service disruptions on Dec 6 within its franchise area,” he said.
The minister said that UBA, as a lender, and in exercising its rights over the shares of KANN Consortium in AEDC, has taken over the shares of the obligor in the AEDC.
He said that the takeover of the majority stake in AEDC by UBA has consequently led to the reported changes in the management of AEDC.
“The changes in shareholding in AEDC and the appointment of an interim management for AEDC by the shareholders has been endorsed by the Nigerian Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprises (“BPE) as co-shareholders in AEDC,” he said.
