FG Sacks Managing Directors of Benin, Kano, Kaduna DisCos
- Names new Managing Directors for Benin, Kano, Kaduna Discos.
The Nigerian government has taken over three non-performing electricity distribution companies which includes Kano, Kaduna, and Benin DisCos.
Based on the statutory responsibilities given to them by the government, the Nigerian Electricity Regulatory Commission (NERC) and Bureau of Public Enterprises (BPE) finally sacked the managing directors of the three DisCos and announced their replacements with immediate effect.
The three firms were considered to be technically incapacitated, and financial insolvent after their loan facilities from Fidelity Bank became moribund, landing the Discos in trouble with the Bank.
The three-page statement jointly signed by Engr. Sanusi Garba, Chairman NERC; and Alex Okoh, Director General of BPE, which was sighted by Gentechnews named Ahmad Dangana as the new Managing Director for Kano Disco, Henry Ajagbawa, new Managing Director for Benin, and Yusuf Usman Yahaya as the new Managing Director for Kaduna DisCo.
They replaced Funke Osibodu formerly of Benin DisCo, and Dr. Jamil I. Gwamna formerly of Kano Disco. Yusuf Yahaya who was just made the Managing Director of Kaduna was re-appointed under this new takeover management.
The joint statement explained that the action became necessary as Fidelity Bank has informed the government that it had activated the call on the collaterised shares of the three companies and “that they have initiated action to take over the boards of these DISCOS and exercise their rights on the shares.”
The Yola, Ibadan, and Abuja DisCos have earlier lost their initial management and with these new takeovers of Kano, Kaduna and Benin DisCos, the list has increased to six.
Meanwhile, Electricity consumers have been jubilant and also commended the government over the three DisCos newly taken over for technical incapacitation, and financial insolvency.
