Abuja DisCo Gets New Interim Management Board

Abuja Electricity Distribution Company (AEDC) has unveiled a new interim management board to steer the ship of the company.

The change in management structure was caused by the takeover of a majority stake in the AEDC by the United Bank for Africa (UBA) from KAAN Consortium which owned 60 per cent equity in the DisCo.

Following the inability of KAAN Consortium to repay UBA which had lent the fund for the acquisition of the majority shareholding of the disco, the bank took over its shares in AEDC.

The board is made up of Victor Osadolor as Chairman. Osadolor is currently Chairman of UBA Pensions, a Non-Executive Director of African Finance Corporation (AFC), and former Deputy Managing Director of the United Bank for Africa (UBA). He is a seasoned finance and business turnaround expert with over three decades of corporate experience. He is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), and an honorary life member of the Chartered Institute of Bankers of Nigeria (CIBN).

Director-General, Bureau of Public Enterprises (BPE), Alex Okoh is also a Member of the Board. Okoh who is currently a member of the Presidential Economic Advisory Council has over three decades of corporate experience in general management, leadership, banking and organisational development. During his career in the banking sector, he served in different management capacities including corporate banking, operations, treasury, as well as initiating and designing transformative projects and processes.

Other members of the board include former Vice President, Atiku Abubakar, Sokoto State Governor, Aminu Tambuwal, Sam Adikamkwu; a legal practitioner and former Chief Legal Adviser at the United Bank for Africa (UBA); and Muyiwa Akinyemi, seasoned accountant and a current Group Executive at the United Bank for Africa (UBA).

The Interim Management is led by Bada Akinwumi, who will serve as the Interim Managing Director. Other members of the interim management are: Sani Usman, Interim Chief Business Officer; Babajide Ibironke, Interim Chief Finance Officer; Donald Etim, Interim Chief Marketing Officer; and Femi Zacheus Interim Chief Technical Officer.

Chairman of the board, Victor Osadolor while addressing the staff said the new board is committed to ensuring the well-being of the employees, and asked them to support the interim management.
He said, “May I please request that all employees and stakeholders remain steadfast and support the interim management as they embark on the transformation of the business for our collective benefit. I thank you all for the sacrifices and commitment thus far as we begin this refreshing chapter of our corporate journey.”

The appointments of the AEDC interim management staff reportedly followed approval by the Nigeria Electricity Regulatory Commission (NERC) and the Bureau of Public Enterprises (BPE) which was conveyed on 9 December 2021.