Fakoyejo OlalekanFidelity Bank has taken over three electricity distribution companies (DisCos) in Kano, Benin and Kaduna, and changed the management of the firms over debt.
The company temporary takeover will result into a sell off of the shares to private investors, a statement released on Tuesday by Executive Chairman of the Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba, and the Director-General of the Bureau of Public Enterprises (BPE), Alex Okoh disclosed.
Fidelity Bank to sell Disco firms’ shares to new buyers
Fidelity Bank took possession of the 60% stake in the three Discos, with Federal Government maintaining its hold on the remaining 40% interest before and after transition of the firms to private investors.
According to the statement, “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.
“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).”
New board members of Kaduna, Kano and Benin Discos
The new board appointed for Kaduna Disco are Chairman, Abbas Jega, and Yusuf Yahaya as Managing Director, while members are Ameenu Abubakar and Marlene Ngoyi.
Kano Disco board are Chairman, Hasan Tukur, and members are Nelson Ahaneku and Engr. Rabiu Suleiman, and the Managing Director being Ahmad Dangana.
For Benin electricity distribution company, KC Akuma was appointed Chairman, Adeola Ijose and Charles Onwera are members, with Henry Ajagbawa serving as the Managing Director.
The Federal Government selected Bashir Gwandu as Independent Director to represent its interest in Kano, Yomi Adeyemi for Benin Disco and Umar Abdullahi on the Kaduna Disco board.
Meanwhile, Kingsley Achife was appointed as interim Managing Director for Ibadan DisCo by Bureau of Public Enterprise (BPE) after Asset Management Corporation of Nigeria (AMCON) took over the firm’s affairs.
The board and management of Port Harcourt Disco also experienced a shake up, with Benson Uwheru becoming the MD, Iboroma Akpana emerging as the Chairman of the board, which consist of Emmanuel Okotete, Eyo Ekpo, Ismaila Shuaibu and BPE DG.
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