An interim management team for the Abuja Electricity Distribution Company, AEDC, was on Thursday announced by the Bureau for Public Enterprises, BPE.
The 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.
The appointment of the interim management team was earlier endorsed by the Nigerian Electricity Regulatory Commission, NERC.
The Abuja Electricity Distribution Company, AEDC, was taken over, last week, by UBA, the United Bank for Africa.
In announcing the AEDC team, the BPE quoted the Chairman, NERC, Sanusi Garba, in the following words: “It (the approval) is pursuant to 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 NERC and BPE had dissolved the former management team of the AEDC and approved the appointment of an interim management team on the basis of legal processes arising from the failure of the core -Investor to meet its debt obligations to its 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’s acquisition of the Abuja Electricity Distribution Company.