The Abuja Electricity Distribution Company which was taken over recently by the United Bank for Africa has gotten a new interim management team named by the Bureau of Public Enterprises.
The interim management team includes Bada Akinwumi, as managing director; Sani Usman, chief business officer; Babajide Ibironke, chief finance officer; Donald Etim, chief marketing officer; and Femi Zacchaeus, chief technical officer.
According to a statement issued in Abuja, the Nigerian Electricity Regulatory Commission (NERC) had already authorized the appointment of the interim management team for the power company.
The BPE quoted the Chairman, NERC, Sanusi Garba, as saying that “It (the approval) is under the earlier fit and proper review of your (BPE’s) pool of nominees and in the context of business continuity framework of the Nigerian Electricity Supply Industry.”
The former management team of the AEDC was sacked based on legal processes arising from the failure of the core investor to meet its obligations to a lender (UBA).
Both agencies explained that there had been an ongoing dispute among competing factions of the AEDC’s majority shareholder/core investor known as KANN Utility Company Limited).
They stated that the United Bank for Africa had acted as mandated lead arranger, underwriting the entire facility of $122m, about N20bn then for Kann utility acquisition of the Abuja Electricity Distribution Company.
