The Eko Electricity Distribution Plc (EKEDP) boardroom crisis is deepening even as the nation grapples with electricity challenge.
Directors are bickering over what they described as undue personalisation of board authority, abuse of due process, and vested interests.
From a managerial crisis around an alleged ghost workforce and a call for proper investigation, the crisis has engulfed the entire company and its private holding company.
The Federal Government, which controls 40 per cent equity is now being looked upon to intervene before things fall apart.
EKEDP, one of the 11 DisCos controls one-sixth of the power distributed from the national grid. It covers several major commercial centres within the Lagos-Ogun axis. Its business covers three geographical areas, segmented into 11 districts, including the highbrow southern part of Lagos State – Lekki, Ibeju, Islands, Orile, Ijora, Apapa, Mushin, Festac, Ojo, Ajah, and Ogun State’s economic cluster of Agbara.
According to documents obtained, the crisis has become a polar fight between the chairman, Mr. Oritsedere Otubu, and few directors on one side and a majority of other directors on the other side, with accusations and counter-accusations of underhand dealings and impropriety.
Last year, many whistleblowers alerted the management to entrenched malfeasance including ghost workforce, misappropriation, and diversions. At the centre of this was a top official. After incessant pressure, the managing director instituted a process for a thorough investigation of the allegations, but this ran into a boardroom storm of tricks as directors openly alleged plans by certain vested interests to cover up the misdeeds.
Some directors felt Otubu, a non-executive chairman, was usurping the authority of the board and acting like an executive chairman.
Citing several documents to back up their claim, they alleged that Otubu, a minority shareholder who also represents the interest of West Power & Gas (WPG) Limited, was acting as a sole business owner and against all boardroom ethos and standards. EKEDP is a subsidiary of WPG, the core private sector majority shareholder.
